Bitcoin (BTC) Surpasses $71,000 Amid Large ETF Inflows
Date: 2024-10-29 Author: Gabriel Deangelo Categories: CRYPTO PAYMENTS
The cryptocurrency has led the gains this month, living up to its "Uptober" moniker, with a gain of nearly 12%. According to analytics platform CryptoQuant, the main impetus for the gains is coming from large holders on the Binance exchange, which has seen a steady influx of capital from the United States.
Recent data from Lookonchain shows that one large investor withdrew nearly $40 million worth of bitcoin from Binance last week, indicating growing interest in the cryptocurrency.
Bitcoin ETFs See Record Inflows
Bitcoin exchange-traded funds (ETFs) have seen significant inflows, with $479 million on Monday alone, according to Farside Investors. Of this amount, $315 million went to IBIT, a BlackRock product that saw the largest inflow in a single day.
ETF analyst Neta Geraci noted that the total inflow into Bitcoin ETFs over the past 12 trading days was about $4 billion. It is worth emphasizing that only less than 10% of all existing ETFs have assets of this size. Inflows into Bitcoin ETFs have been sustained for five trading days in a row, which indicates growing investor interest.
Gold also reaches new highs
At the same time, gold set a new record, reaching a price of about $2,760 per ounce. However, even such significant movements in gold, according to prominent Bitcoin critic Peter Schiff, attract less attention compared to the increased interest in Bitcoin.
Notably, search queries for the word "Bitcoin" have begun to increase, although their level is still far from the levels of previous market cycles.
