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    Bitcoin ETFs could soon cross 1M BTC as traders expect November tailwinds

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    US Bitcoin exchange-traded funds (ETFs) are close to holding one million Bitcoins, currently holding nearly 5% of Bitcoin’s market cap ($66.2 billion). Approximately $1.55 billion more is required to achieve this milestone. Various events, including the US election and potential interest rate cuts by the Federal Reserve, could boost the crypto market. Institutions like Emory University are investing in Bitcoin while Russia has lifted its Bitcoin mining ban, all of which could potentially take Bitcoin’s price to a new high.

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    Looks like US Bitcoin exchange-traded funds (ETF) are on the brink of bagging their millionth Bitcoin. Several factors this month could give the crypto market a big boost. Major ones include the US election, possible interest rate drops by the Federal Reserve, and Russia ditching its Bitcoin mining ban.

    Currently, these ETFs hold nearly 5% of Bitcoin’s market cap, which is a grand $66.2 billion. To hit the one-million Bitcoin milestone this week, they’ll need to rake in around $1.55 billion more.

    Over the past couple of weeks alone, an impressive $3 billion has been pumped into these funds. If this keeps up, we can expect to see another all-time high for Bitcoin.

    Historically, Bitcoin’s price has usually jumped a few months after a halving event. The latest happened back in April 2024. The upcoming US presidential election is also predicted to give Bitcoin a shot in the arm.

    Whoever wins the election, big price movements like the 43% Bitcoin rally after the 2020 election could be on the cards. And if Trump clinches the victory, some reckon Bitcoin could even hit $100,000 by the end of the year.

    Some US institutions are also hopping on the Bitcoin bandwagon. Emory University has invested a cool $15.1 million in the Grayscale Bitcoin Mini Trust.

    Meanwhile, the Federal Reserve is set to meet early November, and it’s likely they’ll slash interest rates by 25 basis points. That’s good news for everyday folks, and usually gives the markets a short-term boost.

    Lastly, Russia has decided to lift its Bitcoin mining ban as of November 1. This is great for Bitcoin as it makes the network more spread out and secure.

    As for Bitcoin’s current standing, it’s sitting at $67,700 – struggling to break $70,000 but comfortably above support levels at $65,000.

    Source: Cointelegraph

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