Analysis: Multiple positive factors are expected in November, and Bitcoin ETF may soon purchase its 1 millionth Bitcoin

U.S. spot bitcoin ETFs are expected to buy their 1 millionth bitcoin as soon as this week as traders prepare for possible crypto-positive factors in November. These positive factors include the U.S. election, the possibility of a rate cut by the Federal Reserve, and Russia's lifting of the ban on bitcoin mining - all of which occurred in November. According to Apollo and SoSoValue data, U.S. spot bitcoin ETF issuers currently hold 976,893 bitcoins, worth more than $66.2 billion, accounting for almost 5% of Bitcoin's $1.34 trillion market value. Spot bitcoin ETFs need to receive $1.55 billion in net inflows (i.e., purchase an additional 23,107 bitcoins) to reach this milestone. To achieve this goal this week, it would need to absorb an average of $301 million in net inflows per day. Furthermore, however, Henrik Andersson, chief investment officer at Apollo Capital, believes that the “biggest determining factor” in whether the crypto market rises is a Trump victory: “If he does win, we think the momentum in risk assets could push Bitcoin to $100,000 by the end of the year.” (Cointelegraph)