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Standard Chartered Bank: With multiple positive factors, Bitcoin is set to retest ATH before the election.

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Standard Chartered Bank: With multiple positive factors, Bitcoin is set to retest ATH before the election.

Standard Chartered Bank stated in its latest report that Bitcoin may retest its historical high of nearly $73,800 before the U.S. presidential election, citing factors such as inflow of funds from Bitcoin ETFs, increasing demand for bullish options, and the prediction market favoring former President Trump's chances of winning once again over Joe Biden.

ETF Inflows and Options Market

According to a report cited by Decrypt from Standard Chartered, Bitcoin ETF total inflows have exceeded $19 billion, corresponding to an increase of about 315,000 BTC, indicating a rising interest from institutional investors. At the same time, the open interest in Bitcoin call options at $80,000 has also increased, further strengthening the bullish sentiment in the market.

Standard Chartered Bank: Trump's Victory Drives Solana Dominance in the Market, Bitcoin Expected to Break $200,000

Political Factors at Play

Standard Chartered believes that the recent trend of Bitcoin is closely related to the political developments in the United States, especially as Trump's support rate slightly pulled ahead again on Polymarket after the debate with Joe Biden, despite being briefly surpassed earlier.

US Presidential Debate: Strong Performance by Biden Leads to Decline in Bitcoin and Crypto Stocks

Institutional Bullish Views on BTC

Aside from Standard Chartered, Wall Street investment bank Bernstein Research has also released a similar bullish report, pointing out that Bitcoin has risen by 14% in the past month, maintaining stability above $65,000.

Bitcoin ETF recorded over $550 million in net inflows on the 14th, a trend unseen in recent weeks. We believe this is due to the increasing legitimacy of the digital asset ecosystem, with global asset management companies laying the groundwork for wider participation by wealth advisors and private banks. We expect this to accelerate the influx of funds, which is also reflected in Bitcoin's recent trend.

Analytical firm CryptoQuant mentioned that the Bitcoin open interest across all exchanges hit a historic high of $19.7 billion on October 15, indicating a continuous influx of liquidity.

Bitcoin briefly approached $68,000 on the 15th evening, reaching its highest level since July, but later retraced to $65,000, standing at $66,810 at the time of writing.