The post ETFs not the only factor behind Bitcoin’s run appeared on BitcoinEthereumNews.com.

Ryan Lee, the chief analyst at Bitget Research, observed that while Bitcoin exchange-traded funds play a major role in driving demand, multiple factors are contributing to Bitcoin’s momentum. Since January 2024, when spot Bitcoin (BTC) ETFs began trading in the U.S., the market has witnessed massive inflows. These investment products have accumulated over $24 billion in net flows—with $5.4 billion in net inflows in October alone. However, Lee told crypto.news that ETFs are not solely responsible for Bitcoin’s bullish trend, as the asset retested the $73,000 mark amid an impressive rebound. Political and technical factors fueling bullish sentiment Lee pointed to the upcoming U.S. presidential election as another catalyst in Bitcoin’s upward movement. Notably, both major candidates Donald Trump and Kamala Harris have voiced support for clearer regulatory frameworks for digital assets. While Trump has been more forward with his approach, Lee expects a more supportive stance toward the industry, regardless of the election’s outcome. This has further boosted market confidence in Bitcoin. “With the election drawing near, the market is anticipating that the future administration, whether led by Trump or Harris, might adopt a friendlier stance toward the cryptocurrency sector.” Lee added. Bitget Research’s chief analyst further called attention to technical factors. He highlighted a recent golden cross pattern, in which Bitcoin’s 50-day moving average rose above its 200-day moving average on Oct. 27. This cross signals a bullish trend. Upcoming economic indicators to impact the market  Looking forward, Lee argued that several upcoming economic events could affect Bitcoin’s performance through November.  He stressed that the Federal Reserve’s interest rate decision on Nov. 7 could lead to a 25-basis-point cut, potentially increasing market liquidity and benefiting crypto assets.  “Currently, the U.S. Dollar Index and Treasury yields are on the rise, but a rate cut would improve overall macroeconomic liquidity,…

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Filed under: News - @ November 1, 2024 7:18 am