Accordingto Bernstein , several factors are helping to fuel Bitcoin bullish sentiment. These include the increasing likelihood of Donald Trump winning the White House and the pro-crypto policies of the Harris campaign. Bitcoin ETF inflows, crypto stock markets and meme coins that have increased individual participation have contributed to a market that “screams risk,” analysts say.
Bernstein: These support the Bitcoin and altcoin market!
As you follow from Kriptokoin.com, Bitcoin is trying to break through the $ 70,000 resistance level again. Analysts at research and brokerage firm Bernstein say Bitcoin ETF inflows, crypto equity markets and individual trading sentiment are “screaming risk.” The Bernstein analysts, led by Gautam Chhugani, comment on the increasing likelihood of openly pro-crypto Donald Trump winning the US presidential election and his opponent Kamala Harris’ bullish and clearer crypto policy statements, among other risky assets. In this context, he says the market is less concerned about downside risk.
According to decentralized forecasting platform Polymarket, Republican nominee Donald Trump is currently leading. Accordingly, Trump leads Harris’ odds of winning the presidential election on November 5th by 61.1% to 38.6%. Last week, Vice President Harris made a pro-crypto statement. From this context, she pledged to support a crypto regulatory framework in her plan to help build wealth.
The next leg of the Bitcoin bull market?
Analysts say US spot Bitcoin ETFs have returned to strong net inflows. It also notes that it recorded $2.1 billion last week. Cumulative net inflows since the funds started trading have reached nearly $21 billion. Assets under management reached a record high of over $66 billion. Chhugani makes the following assessment:
Unlike initial ETF demand from the spot-CME derivatives carry trade, we believe that increased ETF inflows are now increasingly leading to demand for spot Bitcoin as asset managers focus on distribution to asset advisors and brokerages.
Meme coins and their intersection with AI!
According to analysts, meme coins have also started to attract new individual investors. Moreover, their collective market capitalization has tripled in the last six months to nearly $66 billion. Murad Mahmudov gave the “meme coin supercycle” talk at Token2049 last month. The discussion surrounding this speech helped ignite renewed enthusiasm for the crypto niche. Thus, propelling him to the status of “main character” of the moment. Chhugani comments:
This is the fastest growing coin category within crypto , and whether we like it or not, individual ‘normies’ find meme coins funny, relatable and socially engaging. This leads to the natural memetic growth of these tokens.
Follow us on Twitter, Facebook and Instagram, and join our Telegram and YouTube channelto stay up to date with breaking news !
