Bitcoin hits $70K as ETF inflows continue to grow

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As a seasoned analyst with over two decades of market experience under my belt, I have seen more than a few financial rollercoasters. However, the current trajectory of Bitcoin (BTC) is one that catches my attention like no other.

Just now, the value of a single Bitcoin surpassed $70,000 – a level not seen since June 10th – due to increasing investments in U.S.-based Bitcoin Exchange-Traded Funds (ETFs).

Bitcoin (BTC) jumped by 3% in the last day to a high of $70,150 on Oct. 28, CoinGecko data shows.

The significant increase in Bitcoin ETF investments is accompanied by a notable rise, as indicated by CoinShares’ report. Last week (October 18 – October 25), Bitcoin funds attracted $920 million, raising the year-to-date inflows to a massive $25.4 billion.

Read more$70 million in 24 hours: Can Ethereum crack $4,000 thanks to whales?

Last week, ending on October 18, the 11 U.S. ETFs that focus on spot markets experienced a significant influx of funds totaling approximately $2.1 billion, as reported by Farside Investors.

Additionally, cryptocurrency traders have suggested that Bitcoin may have formed a “golden cross” – a bullish technical pattern where its 50-day moving average rises above its 200-day moving average. This could potentially signal an upcoming price surge.

#BITCOIN GOLDEN CROSS ALERT!🚨

— Crypto Rover (@rovercrc) October 28, 2024

On October 25, Bitcoin dipped to around $66,510 following news that Tether, a stablecoin issuer, was under investigation by the US Department of Justice. However, the cryptocurrency’s price rebounded as Donald Trump, the Republican candidate for the November 5 US presidential election, gained over 32 percentage points on Vice President Kamala Harris in betting markets like Polymarket.

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2024-10-29 01:13