As the 2024 presidential election approaches, Bitcoin ETFs have experienced significant inflows, totaling over $1.8 billion this week, underscoring the election's impact on cryptocurrency markets. CoinShares' Head of Research, James Butterfill, noted that while macroeconomic indicators suggest a decline in Bitcoin's price, it has remained resilient. Despite a concerning 2.9% drop in building permits as reported by the U.S. Census Bureau, Bitcoin's price has surged to nearly $69,000. The heightened trading activity is attributed to traders positioning themselves ahead of a potential Trump victory, given his favorable stance on cryptocurrency compared to Vice President Kamala Harris. Trump has gained traction in polls, with a recent shift showing him gaining ground against Harris. BlackRock's spot Bitcoin ETF alone garnered over $1 billion this week, reflecting a growing optimism within the market as Bitcoin's spot prices remain robust amid rising election tensions. Bitcoin trading volumes and institutional interest continue to rise, correlating strongly with trends in election odds favoring Trump. This reflects a broader confidence in a future supportive of the cryptocurrency industry should Trump win the election.

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