Originally published on: October 21, 2024
Bitcoin is inching closer to the $70,000 mark following a significant milestone in spot Bitcoin exchange-traded funds (ETFs) last week. Despite not yet crossing the $70K threshold, ETF inflows have reached a record $20 billion.
The US-based spot Bitcoin ETFs achieved this milestone on Oct. 17, just 10 months after their debut. In comparison, gold ETFs took nearly five years to reach a similar milestone.
On Oct. 21, Bitcoin surged to an almost three-month high of $69,487 before settling at $68,570. This slow price action is attributed to the delayed effect of ETF inflows on the spot BTC price, according to analysts at Bitfinex.
The order book indicates that crypto traders are using ETF flows as exit liquidity for their trades, which could help drive the Bitcoin price to a new all-time high.
Despite the limited immediate impact of Bitcoin ETFs on prices, last week’s ETF inflows, including over $1.17 billion from BlackRock’s iShares Bitcoin Trust ETF, could still influence price movements.
The recent approval of Bitcoin ETF options by the Securities and Exchange Commission on Oct. 18 could further boost positive ETF inflows and propel Bitcoin towards retesting the $71,000 range for the first time since June 2024.
With these developments, experts remain optimistic about Bitcoin’s future price action and potential for a significant rally in the near future. Stay informed with the latest updates on Finance Redefined for more insights and analysis on the world of cryptocurrency and finance. Don’t miss out on the latest trends in DeFi – subscribe to our newsletter today to stay ahead of the curve.
