Why Trump's Election Bets Are Pumping Bitcoin and XRP Demand
Fx Empire4 days ago
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Why Trump's Election Bets Are Pumping Bitcoin and XRP Demand

Market Sentiment
xrp
bitcoin
crypto
etfs
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Summary:

  • BTC reaches $73,000 due to Trump election bets

  • Trump's promises include firing SEC Chair Gary Gensler

  • US BTC-spot ETF market sees $479.4 million inflows

  • BTC rallies 4.11% to close at $72,628

  • Upcoming Q3 GDP data could affect BTC demand

Bitcoin Reclaims $73,000 Amid Trump Election Bets

While XRP advanced, BTC revisited the $73,000 mark for the first time since March 2024, approaching its all-time high of $73,808. The rising bets on a potential Trump return to the White House are significantly driving demand for BTC.

According to the latest national polls, Kamala Harris leads Trump by just 1.4 points, a slight decrease from previous months. Despite Harris's support for crypto, Trump remains the favored candidate in the crypto community, with promises to prioritize crypto interests, including the firing of SEC Chair Gary Gensler on his first day and making BTC a strategic reserve for the U.S.

US BTC-Spot ETF Market Sees Continued Inflows

The sentiment surrounding the upcoming U.S. Presidential Election has likely intensified demand for US BTC-spot ETFs. Investors are viewing these inflows as indicators of sentiment towards election results.

On October 28, the US BTC-spot ETF market recorded net inflows of $479.4 million, with positive sessions continuing into October 29. Highlights include:

  • Fidelity Wise Origin Bitcoin Fund (FBTC): +$133.9 million on October 29.
  • Bitwise Bitcoin ETF (BITB): +$52.5 million.
  • Grayscale Bitcoin Mini Trust: +$29.2 million.
  • ARK 21Shares Bitcoin ETF (ARKB): +$12.4 million.

Excluding iShares Bitcoin Trust (IBIT), total net inflows on October 29 were $227.2 million, down from the previous day but showing strong activity overall.

Bitcoin (BTC) Price Action

On October 29, BTC rallied 4.11%, building on a 2.63% gain from the prior session, closing at $72,628 and extending its winning streak to four sessions.

Upcoming economic indicators, including Q3 GDP and ADP employment data, will be critical to watch. Weaker-than-expected data could lead to increased bets on a 25-basis point rate cut by the Fed in December, potentially enhancing demand for riskier assets like BTC.

Positive sentiment surrounding the election could further drive buyer appetite for US BTC-spot ETFs and push BTC towards $75,000. Additionally, developments in national polls could influence BTC price trends significantly.

XRPUSD 301024 Daily Chart

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