The outcome of the United States election had a ripple effect on various global economic sectors, including the cryptocurrency market. Bitcoin (BTC), the leading cryptocurrency, experienced a surge in prices alongside significant investments in ETFs.
Notable Surge in Bitcoin ETF Activity
An influential crypto analyst, CRYPTOBIRD, shared a tweet highlighting a noteworthy development in BTC ETFs. The tweet disclosed that a record-breaking 17,000 BTC were acquired recently, totaling 406,000 BTC netflows as of November 7th.
On the same day, ETFs experienced an unprecedented 17,900 netflows, marking a significant milestone just days after the U.S. presidential elections.
This notable increase in ETF netflows indicated a high level of confidence in Bitcoin among market participants. If this trend persists, BTC could see further positive price movement in the upcoming days.
As of the latest data, BTC’s price surged by nearly 10% in the last week, reaching $75,890, inching close to its all-time high.
Further analysis using Glassnode data showed a substantial rise in BTC accumulation trend score from 0.04 to 0.8 within a month. This metric gauges the proportion of entities actively accumulating BTC on-chain relative to their holdings. A score closer to 1 indicates intense buying activity, signaling a bullish market sentiment.
Ethereum’s Performance Amid ETF Inflows
Following the remarkable inflows in Bitcoin ETFs, a closer examination of Ethereum (ETH) ETFs was conducted. Data from Dune revealed that ETH ETF netflows surpassed $56 million on November 7th, marking one of the highest inflows since the inception of ETH ETFs.
Subsequently, both Bitcoin and Ethereum’s daily charts were scrutinized to assess whether the growing interest would translate into sustained price surges.
Bitcoin’s Moving Average Cross indicator indicated a clear bullish trend in the market, although a minor pullback may be expected as the price approached the upper bollinger band limit.
Regarding Ethereum, the Moving Average Cross indicator signaled the possibility of a golden cross, which could further fuel ETH’s growth momentum. At the time of writing, ETH was valued at $2,900, reflecting a notable 15% increase over the past week.