Proactive’s Billy Farrington takes Stephen Gunnion through Bitcoin's performance over the past week. Farrington shared that Bitcoin has seen one of its strongest weeks in recent months, rising by 12.5% since last Friday.
Despite initial expectations of stability until the US elections, the surge in Bitcoin appears to be influenced by the rising odds of a Donald Trump victory in the upcoming elections. Farrington explained, “Trump has positioned himself as the pro-crypto candidate, which has likely galvanised the Bitcoin price.”
Additionally, there has been a revitalization of inflows into Bitcoin ETFs, with approximately $1 billion flowing in this week alone. This resurgence in ETF demand has been a significant tailwind for Bitcoin, according to Farrington, who believes that momentum may continue.