Bitcoin Rallies to Nearly $68,000 Amid Spot BTC ETF Inflows

On October 15, Bitcoin surged close to $68,000, driven by a significant influx of capital into spot BTC exchange-traded funds (ETFs), marking the highest single-day inflows in over four months.

Bitcoin’s Two-Month High

Bitcoin achieved a two-month high by climbing above $67,000, recording its peak at $67,800 before retracting below $66,000. Data confirms that BTC reached this milestone before experiencing a slight pullback.

Crypto Liquidations Exceed $300 Million

The rapid price increase resulted in crypto liquidations surpassing $300 million within the last 24 hours. According to market data, the majority of these liquidations were short-BTC positions, reflecting traders’ expectations of lower market prices. Over $145 million in short liquidations indicated an impending market spike.

Impact of U.S. Stock Market on BTC

A recent uptick in the U.S. stock market may have bolstered investor interest in Bitcoin, often viewed as a risk asset. Higher share prices, coupled with decreased Federal Reserve funding rates, typically lead to increased market liquidity.

Spot Bitcoin ETF Demand Surge

This bullish trend also boosted demand for spot Bitcoin ETFs. In the United States, spot BTC ETFs saw the largest capital inflow in four months, attracting $555.8 million for the first time since June 4.

Seasonal Bitcoin Performance

Despite a challenging start to October, Bitcoin tends to perform well during the year’s final quarter. Historically, the $1.2 trillion asset has delivered an average return of over 22% during the last three months across eight different years.

Bitcoin also experienced notable price increases in previous pre-election cycles, particularly in 2016 and 2020. During these periods, BTC doubled and tripled in value, often beginning its rise weeks before the U.S. presidential election and reaching new all-time highs in early Q1 of the following year.

Expert Predictions

Experts from QCP Capital suggest a similar trend might occur again, especially with a pro-BTC candidate seemingly leading the race. Former President Donald Trump has gained a substantial lead over electoral rival Kamala Harris on prediction platforms, indicating a potential influence on Bitcoin’s market performance.

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