Reported 28 days ago
US Bitcoin exchange-traded funds recorded an $870 million net inflow, marking their third-highest daily total, as the cryptocurrency nears a record value amidst election-related speculation. Year-to-date, these 12 funds have seen over $23 billion in inflows. Analysts attribute the increased demand for Bitcoin exposure partially to Republican nominee Donald Trump's favorable position in election betting markets, as he has openly embraced digital assets, turning them into what is now referred to as the 'Trump trade.' As of Wednesday morning, Bitcoin was trading close to $72,480, nearing its all-time high of $73,798.
Source: YAHOO