BTC tops $70K as investors watch November US elections

The US elections continue to influence market sentiment, pushing BTC beyond $70,000.

Mathew Sigel of VanEck said Bitcoin's trajectory is optimistic before the elections.

Bitcoin ETFs led $901 million crypto ETF net inflows.

Bitcoin began the week well, surging beyond $70,000, with VanEck's Head of Digital Asset Research Matthew Sigel predicting a positive outlook due to greater correlation with the US elections. Crypto ETFs had $901 million in net inflows last week from institutional investors.

BTC exceeds $70K, Trump support surges before election.
Bitcoin reached a three-month high on Monday, temporarily exceeding $70,000 and 5% off its all-time high of $73,700. BTC is now trading about $69,900, up 2.7% in 24 hours.

Matthew Sigel told CNBC that Bitcoin's "bullish setup" ahead of the US election next week is similar to late 2020, when the price rose 120% in two months.

He said that this trend shows Bitcoin may surge after the election, similar to 2020. Sigel expects Bitcoin to be a $3 million reserve asset by 2050.

Sigel said that Republican Donald Trump is the most crypto-friendly of the two major candidates. He cited Trump's ongoing support for crypto and Bitcoin, whereas Kamala Harris has not mentioned crypto.

Polymarket data shows that Trump leads the election odds by 65% to Harris' 34%, implying that gamblers foresee a Republican triumph on November 5.

Investors anticipate a Donald Trump triumph would boost the crypto business, pushing BTC.

This may have led to $901 million in digital asset ETF inflows last week. October ETF inflows exceeded $3 billion after last week's inflows.

Bitcoin ETFs led the $920 million inflows, including $906 million from US investors.

Despite investor optimism, Ethereum ETFs lost $35 million again this week.

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