Bitcoin’s rise past the $67,000 threshold coincided with robust inflows into spot exchange-traded funds and a surge in short liquidations.
As of now, Bitcoin (BTC) has gained 2% over the last 24 hours, trading near $67,000. On October 15, the leading cryptocurrency asset peaked above $67,500, nearing the $68,000 level, marking its highest point in two months.
The current market capitalization of BTC stands at approximately $1.32 trillion, with daily trading volumes nearing $50 billion. This uptick in trading volume indicates growing interest from short-term holders and traders, which may lead to heightened price volatility for Bitcoin.
The overall market surge followed three consecutive trading days of inflows into U.S.-based spot BTC ETFs. These investment vehicles concluded last week with $253.6 million and kicked off this week with $555.9 million in net inflows, respectively.
As reported by Farside Investors, spot BTC ETFs accumulated $371 million in net inflows, driven primarily by BlackRock’s IBIT ETF, which accounted for $288.8 million on Tuesday, October 15.
Fidelity’s FBTC, Ark Invest’s ARKB, and Grayscale’s mini BTC Trust also contributed with inflows of $35 million, $14.7 million, and $13.4 million, respectively.
Additionally, Grayscale’s GBTC, VanEck’s HODL, WisdomTree’s BTCW, and Bitwise’s BITB recorded inflows of $8 million, $7.6 million, $2.8 million, and $0.7 million, as per Farside Investors’ data.
Since their inception in January, spot BTC ETFs have accumulated a total of $19.8 billion in net inflows.
Conversely, the U.S.-based spot Ethereum (ETH) ETFs experienced $12.7 million in net outflows due to mixed investor demand signals. Grayscale’s ETHE fund faced $15.3 million in outflows, while Fidelity’s FETH recorded a $2.6 million inflow.
The remaining ETH investment products maintained a neutral stance.
It’s crucial to acknowledge that Bitcoin and altcoin prices are exhibiting high volatility driven by increased liquidations and short-term profit-taking.
