Bernstein's analysis pointed out that despite the recent support for the crypto industry expressed by US Vice President Kamala Harris at a fundraising event, the market is still confused by his policy uncertainty. In contrast, the crypto market sentiment after Trump's victory may be stronger, because he has explicitly promised to make the United States a "crypto capital" and supports DeFi, asset tokenization and bitcoin mining. However, regardless of the election result, the current ETF inflows of bitcoin and ethereum and the loose monetary policy of the Federal Reserve are expected to continue to drive the market higher.