Bitcoin, the world’s largest cryptocurrency, is on the verge of a significant breakout, driven by record inflows into bitcoin exchange-traded funds (ETFs) and heightened investor interest as the U.S. presidential election approaches.

Recent data indicates that from October 26 to November 2, cryptocurrency investment products attracted an impressive $2.2 billion, bringing the total inflows for the year to $29.2 billion, according to CoinShares. This surge marks four consecutive weeks of inflows, totaling over $5.7 billion — accounting for 19% of the year's total inflows.

The iShares Bitcoin Trust (IBIT), managed by BlackRock, has emerged as a leader in this trend, with inflows surpassing $30 billion at the end of last month The rapid growth of bitcoin ETFs, which have only been available since January, has captured the attention of institutional and retail investors alike. However, many investors are still unaware of these new investment vehicles, suggesting that the potential for growth remains vast as more capital flows into these funds.

As bitcoin recently surpassed $71,500, analysts are optimistic about its trajectory. The anticipation of a Republican victory in the upcoming election is believed to have fueled this bullish sentiment among investors, though some analysts dispute that a Republican victory is necessary to keep up the momentum.

Market experts predict that continued inflows into ETFs could lead to further price increases, possibly even reaching new all-time highs. The overall sentiment remains positive, with many believing that bitcoin is poised for a breakout as it consolidates above key support levels.

Given that the best marketing for any asset is higher prices, bitcoin's continued growth trajectory suggests that it will rise even further and attract greater interest from both retail and institutional investors alike.