Bitcoin is back in the spotlight. After over three months of pain, BTC bulls can sigh in relief. The past two days have been “life-changing” for traders and holders.
This chart is just impressive at this point tbh.
2 year uptrend since the 39% bottom.
60% not tapped for almost 3.5 years.
Seems like 62% is imminent at this point.
The lesson: Always hold some $BTC. pic.twitter.com/k1jdBqphdE
— Posty (@PostyXBT) October 30, 2024
Bitcoin Rallying: Up Next $74,000?
Bitcoin price
Bitcoin
3.37%
Bitcoin
BTC
Price
$65,175.23
3.37% /24h
Volume in 24h
$26.12B
Price 7d
not only eased past July highs but also broke above a key liquidation level at $72,000.
At one point on October 29, the coin soared to as high as $73,200.
(BTCUSDT)
With rising prices, multiple theories about what could be driving demand exist. On one hand, some think the massive influx of institutional capital is precisely why the coin is pumping.
Are Bitcoin ETF Institutions Driving Demand?
According to SosoValue data, on October 29, all 12 spot Bitcoin ETF issuers received a whopping $870 million.
The nearly $1 billion in netflows is not only jaw-dropping but is record-breaking.
(Source)
BlackRock’s IBIT saw over $642 million in inflows, pushing total assets under management to more than $24.9 billion. Interestingly, there were outflows from Grayscale’s GBTC. Clients redeemed over $17 million of its shares. Meanwhile, Fidelity, Ark & 21Shares, and Bitwise all saw inflows.
(Source)
In total, the 12 issuers generated over $4.75 billion in trading volume, more than 50% of the volume registered on Monday. IBIT trading dominated, generating over $3.3 billion in trading volume, the highest in over seven months.
The uptick is a huge buy signal, indicating that institutions are likely FOMOing, eager to buy, regardless of the cost, in the hope of riding the uptrend.
Whether the FOMO is real will depend on today’s inflows. If they exceed $900 million, BTC can easily erupt.
DON’T MISS: How to Buy Bitcoin Anonymously Without an ID KYC in 2024
Or, Is It Donald Trump’s Possible Win Behind Bitcoin Price Pump?
Adding to the intrigue, the rising odds of Donald Trump winning the upcoming election is pumping prices.
Trump plans to improve the crypto mining environment in the United States and create a “strategic Bitcoin reserve.”
Additionally, the former president proposed to fire Gary Gensler once he got into office. Gensler, the chair of the United States SEC, has been blamed for being “hostile” to crypto and regulating through enforcement.
Under his tenure, top exchanges like Coinbase and Binance have been sued. Meanwhile, Ripple, the blockchain company, is still battling with the regulator in the courts.
Polymarket data gives Donald Trump a 67% chance of clinching the presidency in November.
(Source)
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