The broader digital asset market has fallen nearly 0.9%, as measured by the CoinDesk 20 Index, with ETH and SOL lower by 1.15% and 0.3%, respectively. Bitcoin has gained over 6% in the last week, so the temporarily muted price action may point toward profit-taking. Nevertheless, spot bitcoin ETFs registered $893 million of inflows on Wednesday, a second consecutive day of over $850 million. The strong showing was almost entirely attributable to BlackRock's IBIT, which added $872 million.
“Strong BTC net inflows indicate robust institutional demand as BTC dominance continues to rise ,” Augustine Fan, head of insights at DeFi platform SOFA, told CoinDesk. “Equities are trading with a distinctive ‘Trump-win’ flavor despite official betting odds still calling for a 50–50 race. Similar positive skews can be observed in gold and crypto prices with call skews being bid up post-election as a hedge." Skew refers to the shape of the distribution of returns for a financial asset.
presidential election doesn't really matter in the context of mainstream bitcoin adoption through ETFs While there may be some volatility depending on whether Donald Trump or Kamala Harris emerge victorious, the broader integration of bitcoin into American finance through firms like BlackRock is far more important, Sit said in an interview at Hong Kong Fintech Week."When you have Larry Fink on CNBC talking about how bitcoin is a store of value, that's when you know crypto has become a part of the American investing narrative," he said.
The six months of sideways movement in BTC's price this year coincided with the 30-day MA falling below the 365-day MA.Coinbase Pours $25M More Into Fairshake as CEO Armstrong Says 'We’re Not Slowing Down'. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets.