US Senator Cynthia Lummis has already proposed the US government purchase 1 million Bitcoin units in the next five years and hold them for the next 20 years to counter the country’s debt crisis.
Thursday’s inflows represent a sharp turnaround from the previous day’s negative trends across Bitcoin ETFs. Investors appear to be capitalizing on Bitcoin’s price stability around $58,000.
Similarly to MicroStrategy, Marathon appears to be adhering strictly to a “HODL” policy.
The report emphasizes that Bitcoin’s price is set to climb to new all-time highs either way, driven by several catalysts.
Scaramucci has been outspoken about his bullish stance on Bitcoin.
The possibility of the US Fed cutting its benchmark interest rate next week has increased, thus rejuvenating bullish sentiments for Bitcoin and the entire altcoin industry.
Following the April 20 halving event, Bitcoin mining difficulty reached a new level, adding more than 2 trillion to hit 88.1 trillion.
Despite the choppy Bitcoin market, BTC miners have continued to install new ASIC hardware, thus pushing the hashrate higher in the recent past.
Analaysts believe that the lower-than-expected US inflation data could fuel optimism among Bitcoin traders before the much anticipated Fed rate cut scheduled next week.
Recent data from IntoTheBlock reveals that large Bitcoin investors have been actively increasing their holdings.
Earlier in August, the firm secured a 1 billion yen ($6.8 million) loan at an annual interest rate of 0.1%. It quickly used these funds to purchase an additional 115 BTC by August 20.
The US spot Bitcoin ETFs registered a net cash inflow of about $28 million, thus ending eight consecutive days of notable bleeding.
In terms of their reserve ratio, Binance has a ratio of 106.84% for its BTC assets, 103.68% for its ETH assets, DOGE for 100.09%, 112.82% for USDT, and 102.67% for its Solana (SOL) assets.
Bitcoin’s network hashrate reached an all-time high, signaling strong long-term growth potential despite recent market stagnation and liquidation of long positions.
On the other hand, the report warns that if Vice President Kamala Harris wins the election, Bitcoin could face a significant downturn.