Key Points
- Investor confidence in Bitcoin (BTC) and Ethereum (ETH) ETFs is growing, as evidenced by recent netflows.
- The U.S. election results have stirred the global economy, including the crypto market, leading to price upticks.
The recent U.S. election results had a significant impact on various economic sectors worldwide, including the crypto market. This resulted in price increases across the entire crypto market, particularly for Bitcoin (BTC).
Bitcoin ETFs Reach New Highs
Bitcoin’s price wasn’t the only thing that saw an increase. There was also a record amount of buying in Bitcoin ETFs. According to a tweet by crypto analyst CRYPTOBIRD, over 17k BTC was purchased recently, with a total of 406k BTC netflows registered up until the 7th of November.
This surge in ETF netflows indicates that the market has a high level of confidence in Bitcoin. If this trend continues, the future price action of Bitcoin could be even more promising. At the time of writing, Bitcoin’s price had increased by nearly 10% over the past week, trading close to its all-time high at $75.89k.
Ethereum ETFs Also on the Rise
Given the record highs reached by Bitcoin ETF netflows, it’s worth examining the state of Ethereum (ETH) ETFs. As of the 7th of November, Ethereum ETF netflows had exceeded $56 million, marking one of the largest inflows since the inception of Ethereum ETFs.
A look at the daily charts for both Bitcoin and Ethereum suggests that this increased interest could lead to continued price increases. Bitcoin’s MA cross indicator suggests a clear bullish advantage in the market, although a short pullback may be on the horizon as its price has reached the upper limit of the Bollinger bands.
As for Ethereum, the MA cross indicator indicates that a golden cross is occurring, which could potentially spur further growth for Ethereum. At the time of writing, Ethereum was trading at $2.9k, having surged by over 15% in the past week.
