Bitcoin ETFs near 1 million BTC milestone amid market shifts

Spot Bitcoin (CRYPTO:BTC) exchange-traded funds (ETFs) in the US are on track to reach their one-millionth Bitcoin, as traders anticipate favorable conditions in November. 

The ETFs currently hold approximately 976,893 BTC, valued at over $66.2 billion, accounting for nearly 5% of Bitcoin's market cap. 

To achieve this milestone, ETFs need an average of $301 million in daily net inflows this week, according to market data. 

Several factors could influence this achievement, including the upcoming US election, the possibility of the Federal Reserve lowering interest rates, and Russia’s lifting of its Bitcoin mining ban on November 1. 

In the past two weeks alone, spot Bitcoin ETFs have seen around $3 billion in inflows, with some analysts predicting this trend to continue. 

Bitcoin analyst Alessandro Ottaviani emphasized, "If this pace continues through November, an all-time high (ATH) will be inevitable." 

Historically, Bitcoin has experienced substantial price gains following its halving events. 

The most recent halving in April 2024 could also contribute to the market's positive outlook. 

Additionally, market analysts like CK Zheng from ZX Squared Capital suggest that the upcoming US presidential election, regardless of the winner, may provide a boost to Bitcoin. 

In November 2020, Bitcoin saw a significant rise following the election and halving event earlier that year. 

Henrik Andersson, Apollo Capital’s chief investment officer, pointed out that a victory by former President Donald Trump could potentially drive Bitcoin prices to $100,000 by year-end, due to increased momentum in risk assets. 

This sentiment echoes previous rallies observed in key election and post-halving periods. 

Beyond the ETF influx, academic institutions are also showing interest, with Emory University reportedly holding over $15.1 million in Bitcoin-related assets. 

As the Federal Reserve’s meeting approaches, where interest rate cuts are anticipated, market participants remain optimistic about short-term gains.

At the time of reporting, the Bitcoin price was $67,824.60.