Bitcoin approached the $70,000 mark on Monday, fueled by a surge in inflows into exchange-traded funds (ETFs) and optimism surrounding potential US regulatory changes. The cryptocurrency briefly rose 1% before settling at $68,252 in New York trading. Other major tokens, such as Ether and Solana, remained within narrow ranges. Data from Bloomberg indicated that US spot-Bitcoin ETFs attracted nearly $2.4 billion in net inflows over six days, driven by speculation that crypto regulations may become more favorable after the November 5 presidential election.

The upcoming election is a key factor for crypto markets, with Republican candidate Donald Trump being pro-crypto, while Democratic candidate Kamala Harris has pledged to establish a clear regulatory framework for the industry. This stands in contrast to the stricter stance seen under the current Biden administration. Analysts believe that the Bitcoin options market is reflecting this uncertainty, with volatility expected to spike around election day. Bitcoin’s strong performance in the past week marks its best rally in over a month, buoyed by ETF demand.