XRPUSD 281024 daily chart
Bitcoin approaches $70,000 as US presidential election approaches
While XRP is rising, BTC is approaching the important $70,000 threshold. Market sentiment on the balance of supply and demand continues to support BTC, pushing it towards $70,000.
The upcoming US presidential election also remains a focus for BTC as investors consider recent US BTC spot ETF flow trends. The supply-demand balance could further tilt in favor of BTC if President Trump considers making BTC part of the US Strategic Reserve and BTC Hodler.
Including BTC in the U.S. strategic reserves could reduce the risk of oversupply caused by the U.S. government’s BTC stockpiles. According to Arkham Intelligence, the US government currently holds 208,109 BTC worth $14.11 billion.
Last week, the US BTC spot ETF market recorded total net inflows of $997.6 million, following inflows of $2,129.6 million the previous week.
On Sunday, ETF Store President Nate Geraci emphasized the importance of the BTC spot ETF market, stating:
“The Spot Bitcoin ETF is currently about 23,000 away from holding 1,000,000 BTC…or nearly 5% of the final total supply of BTC.”
Increased demand for BTC from spot ETFs and President Trump’s victory could push BTC to an all-time high of $73,808. Importantly, BTC could target $100,000 if the US government commits to holding and US BTC spot ETF inflows surge.
The latest US presidential election poll shows Kamala Harris leading Trump by 1.5 percentage points, down from 2.8% as of September 30th.
Bitcoin (BTC) price fluctuations
On Sunday, October 27th, BTC rose 1.22% to close at $67,972, after rising 0.51% from the previous session.
On Monday, October 28th, the focus will likely be on the US presidential election and US BTC spot ETF market trends. If support for Trump increases in national polls, demand for BTC will increase and BTC could reach the critical $70,000 level.
However, US BTC spot ETF inflows remain significant. As inflows into BTC spot ETFs continue to trend upward, we believe the demand for BTC will continue to increase.
