🚀 US Bitcoin ETF's November fund inflows broke the monthly record, and the Trump effect helped Bitcoin hit a new record high!
Big news! US Bitcoin ETFs received more than $6.2 billion in inflows in November, setting a record high for monthly fund inflows this year! This achievement is closely related to the Bitcoin price approaching the $100,000 mark and President Trump's positive attitude towards cryptocurrencies.
As of Monday, 12 Bitcoin ETF issuers, led by BlackRock and Fidelity, have attracted inflows of up to $6.2 billion, a figure that exceeds the previous record of $6 billion set in February.
Coupled with the market's general expectation, President Trump promised to abolish the Biden administration's suppression of cryptocurrencies, replace them with friendly regulators, and support the establishment of the United States' strategic Bitcoin reserve commitment, which greatly increased market confidence!
In this regard, eToro's market analyst Josh Gilbert predicted that under the promotion of the Trump administration, we will continue to see a large amount of funds continue to flow into Bitcoin ETFs, especially companies and pension funds will be more convenient to buy and hold such assets.
Although Bitcoin’s price has pulled back this week, it has doubled this year, outperforming other assets such as global stocks and gold. Meanwhile, the launch of a spot Bitcoin ETF in the U.S. was grudgingly approved under outgoing SEC Chairman Gary Gensler. Later, the agency also gave the green light to invest in an Ethereum ETF.
It is worth noting that Gensler, who has been a critic of the crypto industry, is about to step down as SEC Chairman. Trump is expected to appoint a new and supportive digital asset to lead the SEC, which may also pave the way for ETFs for other tokens.
In short, although Trump was once skeptical of the industry, his attitude has changed significantly as the industry invested heavily in supporting him during the election.
👇What do you think of this development trend? What impact do you think the Trump administration’s favorable support for cryptocurrencies will have on the crypto market? Leave your thoughts in the comments section!
