Bitcoinreached$70,000todayforthefirsttimeinoverfourmonths.BTC’sdailytradingvolumehasalsojumpedbynearly135%onMonday,accordingtoCoinMarketCapdata.
Thisisonlythethirdtimethatthelargestcryptocurrencyhashitthe$70,000mark,asitreachedanewall-timehighearlierthisyear.
BitcoinETFsContinueToPlayaCriticalRoleinPriceMovements
ThepricesurgeislikelydrivenbytheconstantnetinflowinBitcoinETFsthroughoutOctober.AccordingtodatafromSoSoValue,spotBitcoinETFsintheUSsawadailynetinflowof$402.08milliononMonday.
Infact,BitcoinETFshaveseen15daysofpositiveinflowthroughoutOctober.Overall,morethan$3billioninassetshavebeenaddedtothetwelveETFsthismonth.
ThissurgeinnetinflowhaslargelycontributedtokeepingtheBTCmarketlargelystableinrecentweeks,witha6%gaininOctober.However,thetokenbrieflyfellto$65,000lastweekafterWSJreportedthatUSDTproviderTetherwasunderfederalinvestigation.
BitcoinPriceChart
BitcoinrecoveredquicklyafterTether’sCEOdismissedtheclaims,andithasbeenonanupwardtrendthroughouttheweek–finallyreaching$70,000today.
“Forgettheexactnumbers.Focusonthebigpicture.Inmyopinion(andIcanbewrong),Bitcoinwilljumpanorderofmagnitudeinthe18monthsafterthehalving,asitalwaysdid,basedonstock-to-flow,”influencerPlanBwroteinanX(formerlyTwitter)post.
RecentdatapointstoagrowingUS-basedaccumulationofBitcoinasakeyfactorinitspricetrajectory.TheUS-to-RestReserveRatio,anindicatorthatcomparesBitcoinholdingsbyUSentitiestothoseheldbynon-U.S.institutions,wasinfluentialwhenthetokensurpassed$73,000inMarch.
ThisratiohasbeensteadilyincreasingsinceQ42023,aligningwithBTC’spricegrowth.Itindicatesaheighteneddemandforthecryptocurrencyfrominstitutionalinvestors.
BTC’sdominancewithinthecryptomarketcontinuestoriseaswell.Itreached59%inOctober,a3.45%increasefromthepreviousmonth.ThistrendreflectsBitcoin’sappealasaresilientasset,especiallyforinstitutionalbuyersattractedbythetoken’srelativestabilityinthemarket.
beincrypto.com