In the USA, Bitcoin ETFs are approaching 1 million BTC.

In the United States, spot Bitcoin ETFs are preparing to surpass the one million Bitcoin barrier with the expected political and economic developments in November. The Federal Reserve's interest rate cuts, Russia's lifting of the mining ban, and the results of the U.S. elections could initiate a new period of activity in the cryptocurrency market.

U.S. Spot Bitcoin ETF Investments at 1 Million BTC Threshold

Spot Bitcoin exchange-traded funds (ETFs) in the U.S. are moving towards a historic milestone. According to recent data from Apollo and SoSoValue, U.S.-based ETF providers currently hold assets amounting to 976,893 Bitcoin (BTC). This figure corresponds to 5% of Bitcoin's total market value. To reach the symbolically significant target of one million Bitcoins, the funds need to acquire approximately 23,000 more Bitcoins.

According to sector expert Alessandro Ottaviani, there has been a capital inflow of $3 billion into spot Bitcoin ETFs in the last two weeks. Ottaviani predicts that if the current investment trend continues throughout November, record levels could be reached.

CK Zheng, the investment director at ZX Squared Capital, conducted a remarkable analysis based on historical data. Zheng noted that Bitcoin recorded a 43% value increase following the presidential elections in 2020, suggesting that a similar scenario could occur again.

Henrik Andersson from Apollo Capital made a bolder prediction, stating that especially if Donald Trump wins the election, Bitcoin could test the $100,000 level by the end of the year and set new records.

Another significant development affecting the cryptocurrency markets is occurring in academic circles. Emory University’s acceptance of the Grayscale Bitcoin Mini Trust is contributing to the institutional adoption process of Bitcoin.

Another development closely related to the markets is the potential interest rate cut that will be discussed at the Federal Reserve's meeting in early November. Experts indicate that a possible decrease in interest rates could alleviate the financial burden on consumers and positively impact the markets.

News from Russia is also noteworthy. The country is expected to lift its ban on Bitcoin mining on November 1. This step is believed to reinforce the decentralized structure and security of the Bitcoin Blockchain network.

Bitcoin is currently trading at around $67,700. According to the technical analysis shared by crypto analyst Luca on the X (formerly Twitter) platform, Bitcoin, which is hovering just below the psychological resistance of $70,000, has a strong support level at $65,000. Luca predicts that if this level is broken, the next support band will form around $60,000.