Bitcoin and Ethereum ETFs Hit New Records Days After US Elections

The United States election result stirred up several economic sectors across the globe, and crypto was not left out. The entire crypto market witnessed

The United States election result had a positive impact on several economic sectors across the globe. The crypto market was not left out of this upswing, as the entire market witnessed price upticks, including the king of cryptos, Bitcoin [BTC].

Not only did BTC’s price increase, but it also saw record buying in ETFs. A popular crypto analyst, CRYPTOBIRD, recently posted a tweet about this development.

According to the tweet, a record of over 17k BTC was bought in the recent past. To be precise, a total of 406k BTC netflows were registered till the 7th of November. On the same day alone, ETFs witnessed over 17.9k in netflows, which was the highest. This came days after the U.S. presidential elections.

This massive rise in ETF netflows suggested that the overall market was confident in the king coin. If this trend is to be believed, then BTC’s upcoming days could be even better in terms of its price action.

At press time, BTC’s price had risen by nearly 10% in the past seven days and was trading at $75.89k, close to its all-time high.

We then checked other datasets to find out whether buying pressure was high in the overall market. Our analysis of Glassnode’s data revealed that BTC’s accumulation trend score jumped from 0.04 to 0.8 within a month.

This indicator reflects the relative size of entities that are actively accumulating coins on-chain in terms of their BTC holdings. A number closer to 1 indicates more buying pressure, which can be inferred as a bullish signal.

Since Bitcoin ETF netflows reached record highs, AMBCrypto took a look at the state of Ethereum [ETH] ETFs. Our analysis of Dune’s data pointed out that ETH ETF netflows crossed $56 million on the 7th of November.

This was one of the largest inflows since the inception of ETH ETFs, which was quite interesting to note. We checked both BTC and ETH on the daily to see if this newfound interest will translate into continued price hikes.

Beginning with Bitcoin, its MA cross indicator suggested a clear bullish advantage in the market. However, the king coin might witness a short pullback in the coming days as its price touched the upper limit of the Bollinger Bands.

Coming to ETH, its MA cross indicator suggested that a golden cross might be on the cards, which, if happens, could propel further growth for ETH. At the time of writing, ETH was trading at $2.9k as its value surged by over 15% last week.

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