#BTC100KTrumpEffect Bitcoin Traders Eye $109K as Trump Anticipation Builds, BTC ETFs Rake in Nearly $1B

A technical correction and reversal is close to being complete and could trigger a full-blown bullish move, some traders say.

What to know:

The asset is up 10% in the past week, reversing nearly all losses from early December after retaking the $102,000 level late Monday.

The surge comes as spot bitcoin exchange-traded funds (ETFs) offered in the U.S. raked in $987 million on Monday, their highest since Nov. 21, data from SoSoValue shows.

As such, market volatility is expected to stay low until the U.S. Nonfarm payrolls (NFP) report on Friday, which some believe will kick-start the new trading year

A return to markets after the holidays and anticipation of Donald Trump’s inauguration as U.S. president is building bullish sentiment for bitcoin and the broader crypto market.

The asset is up 10% in the past week, retaking the $102,000 level late Monday and reversing nearly all losses from early December. It fell from a peak of nearly $109,000 on Dec.

17 to a local low of just below $92,000 on Dec. 30, which momentarily sparked fears of a deeper downturn.

The surge comes as U.S.-listed spot bitcoin exchange-traded funds (ETFs) raked in $987 million on Monday, their highest since Nov. 21, data from SoSoValue shows.

Fidelity’s FBTC led inflows with $370 million pouring in, followed by BlackRock’s IBIT with $209 million and Ark Invest’s ARKB with $71 million. Nine of the 12 ETFs recorded inflows, with none showing outflows in a standout day for the cohort.

Trump’s expected crypto policies and broader economic plans have brought back positive sentiment among traders — bumping up BTC prices in a usual precursor to an altcoin rally.

“We believe that the demand for bitcoin is manifesting itself after a downbeat Fed outlook in late December put the brakes on a Santa Claus rally,” Jeff Mei, COO at crypto exchange BTSE, told CoinDesk in a Telegram message Tuesday.