Spot Bitcoin ETFs are roaring towards their best week in months, soaking up over $1.8 billion as the 2024 presidential election tightens in its final weeks, according to CoinShares data.

“The election is just really taking the front seat in terms of price performance,” CoinShares Head of Research James Butterfill told Decrypt. “Macro data, which typically has been driving prices, would suggest that Bitcoin’s price should fall—and it hasn’t recently.”

Butterfill pointed to data released by the U.S. Census Bureau Friday, which flashed a bearish signal as building permits fell 2.9% month-over-month in September. Gauging the strength of the U.S. housing market and economy, economists had penciled in a 0.1% decline.

In an ABC/Ipsos poll, Vice President Kamala Harris had a six-point lead over former President Donald Trump a month ago—but a refresh this week showed Trump gaining momentum. Conducted Oct. 4-8, Harris had 50% support compared to Trump’s 48% backing among likely voters.

With 17 days

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Author: André Beganski