CandleFocus BlackRock goes on Bitcoin buying spree when others flee
2024-10-24
Author: Content Editor
BlackRock's iShares Bitcoin Trust (IBIT) attracted over $317 million in net inflows, outperforming competing ETFs. Grayscale's Bitcoin Mini Trust also reported gains of nearly $5 million. However, ARK Invest's ARKB, Bitwise's BITB, and VanEck's HODL suffered losses of nearly $130 million combined. US spot Bitcoin ETFs collectively drew in around $192 million. Bitcoin's recent price fluctuations are influenced by broader macroeconomic trends and the upcoming US presidential election. The election could lead to increased volatility, with traders potentially adjusting their portfolios based on perceived risks or opportunities. However, some analysts believe that a Trump victory could lead to a surge in Bitcoin prices due to his pro-crypto stance. After the election, the market will focus on the next FOMC meeting, where the Fed is expected to cut rates by 25 basis points, which could further boost Bitcoin prices.
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