The Bitcoin ETF may purchase its one millionth Bitcoin this week

The U.S. spot Bitcoin ETF is expected to purchase its one millionth Bitcoin as early as this week, as traders prepare for potential cryptocurrency positives in November. These positives include the U.S. election, possible interest rate cuts by the Federal Reserve, and Russia lifting its ban on Bitcoin mining - all of which are happening in November. According to data from Apollo and SoSoValue, issuers of the U.S. spot Bitcoin ETF currently hold 976,893 Bitcoins worth over $66 billion, nearly 5% of Bitcoin's $1.34 trillion market value.

The Spot Bitcoin ETF needs a net inflow of $1.55 billion (i.e., purchasing an additional 23,107 Bitcoins) to reach this milestone. To achieve this goal within this week would require an average daily net inflow of $301 million dollars. However, Henrik Andersson, Chief Investment Officer at Apollo Capital believes that the "most decisive factor" determining whether the crypto market rises is Trump's victory: "If he really wins we think momentum in risk assets could push bitcoin to reach $100k before year-end."