CDS Crypto News Bitcoin Surges Past $61K Amid Massive ETF Inflows and Bullish Election Speculation
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Bitcoin Surges Past $61K Amid Massive ETF Inflows and Bullish Election Speculation

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Bitcoin Surges Past $61K Amid Massive Etf Inflows And Bullish Election Speculation

Bitcoin Surges- Bitcoin Hits $61K as Election-Related Options Activity Soars: What’s Next?

Bitcoin Surges– Early Tuesday, Bitcoin crossed the $61,000 threshold, bolstered by the second-highest inflow into U.S.-spot ETFs this month. According to SoSoValue, Bitcoin ETFs recorded over $61 million in net inflows, following the $192 million peak seen on August 8. Leading the pack was BlackRock’s IBIT, which attracted $92 million in inflows, while Bitwise’s BITB experienced $25 million in outflows. Additionally, Japan’s Metaplanet announced a significant BTC purchase worth $3.4 million, bringing its total Bitcoin holdings to 360.368 BTC.

Bitcoin Outperforms Broader Market

As of now, Bitcoin is trading just below $60,800, reflecting a 4.6% increase over the past 24 hours. This surge has outpaced the broader cryptocurrency market, which has seen a 4% rise according to the CoinDesk 20 Index. The strong performance has been fueled by speculation around the upcoming U.S. election and its potential impact on the digital asset industry.

Election Speculation Drives Bitcoin Options Market

Traders are increasingly locking up millions in Bitcoin options tied to the U.S. election, anticipating significant market movements. Deribit began trading election expiry options a month ago, and the notional open interest—the total dollar value of active options contracts—has reached $345.83 million, according to Amberdata. Notably, 67% of this open interest is in call options, reflecting a strong bullish sentiment among investors. The put-call ratio stands at less than 0.50, indicating that twice as many calls are open compared to puts.

State Street’s Tokenization Plans and Future Crypto Custody

In a related development, State Street is making strides in the digital asset space by partnering with Taurus, a digital asset custodian, for its tokenization plans. With $44.3 trillion in assets under management, State Street aims to tokenize traditional assets and expand into crypto custody once the U.S. regulatory environment becomes more favorable. Donna Milrod, Chief Product Officer and Head of Digital Asset Solutions at State Street, emphasized the bank’s commitment to pushing for regulatory changes, particularly around SAB 121, which currently imposes stringent capital requirements on banks holding crypto. Milrod confirmed that while the initial focus is on tokenization, State Street plans to offer digital custody services as soon as regulations allow.

FAQs

Why did Bitcoin’s price surge past $61,000?

Bitcoin’s price surged past $61,000 due to strong inflows into U.S. spot ETFs, renewed institutional interest, and a $3.4 million BTC purchase by Japan’s Metaplanet. These factors created bullish momentum, driving the price higher.

How much inflow did Bitcoin ETFs record?

Bitcoin ETFs recorded over $61 million in net inflows, the highest since $192 million on August 8, according to data from SoSoValue. BlackRock’s IBIT led with $92 million in inflows, while Bitwise’s BITB saw $25 million in outflows.

Bitcoin Surges Past $61K Amid Massive Etf Inflows And Bullish Election Speculation

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