Investing.com — Bernstein analysts believe investors should build long exposure in through exchange-traded funds (ETFs) or Bitcoin-related equities as the world’s largest cryptocurrency attempts a breakout to record highs ahead of the US election.
“Bitcoin is attempting a break out of the $70K resistance (one more time) and like other risk-on markets, is interpreting rising Trump odds as bullish for crypto,” analysts said in a note.
“Also, with clear policy statements supporting crypto from the Harris campaign, the market seems less worried about downside and finds it attractive to bid here. Bitcoin ETF inflows, crypto equity markets and retail trading sentiment is screaming ‘risk-on’,” they added.
Bitcoin-related ETFs registered $2 billion in fresh purchases last week, a surge that has pushed the year-to-date (YTD) inflows to a substantial $20.5 billion, with assets under management now exceeding $63 billion.
Bernstein analysts suggest…
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