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Bitcoin’s Surge Above $67,000 Fueled by ETF Inflows and Short Liquidations
Bitcoin has seen a significant rise of 2% in the past 24 hours, currently trading around $67,000. On October 15, Bitcoin exceeded $67,500, nearing the $68,000 mark, which is the highest point in two months.
BTC Market Cap and Trading Volume
Bitcoin’s market capitalization is now approximately $1.32 trillion, with a daily trading volume close to $50 billion. This increase in trading volume indicates growing interest from short-term holders and traders, which may contribute to higher price volatility.
ETF Inflows Boost Bitcoin
The recent market surge is partly due to U.S.-based spot Bitcoin ETFs experiencing three consecutive days of inflows. Last week, these ETFs closed with $253.6 million in inflows and began this week with a substantial $555.9 million in net inflows.
On October 15, spot Bitcoin ETFs recorded $371 million in net inflows, with BlackRock’s IBIT ETF leading the pack with a $288.8 million inflow. Fidelity’s FBTC, Ark Invest’s ARKB, and Grayscale’s mini BTC Trust contributed with $35 million, $14.7 million, and $13.4 million in inflows, respectively.
Additionally, Grayscale’s GBTC, VanEck’s HODL, WisdomTree’s BTCW, and Bitwise’s BITB saw inflows of $8 million, $7.6 million, $2.8 million, and $0.7 million, respectively. Since their launch in January, spot Bitcoin ETFs have amassed $19.8 billion in net inflows.
Ethereum ETF Performance
In contrast, U.S.-based spot Ethereum ETFs have experienced $12.7 million in net outflows, reflecting mixed demand from investors. Grayscale’s ETHE fund faced $15.3 million in outflows, while Fidelity’s FETH saw $2.6 million in inflows. Other Ethereum investment products remained neutral.
Market Volatility
It’s crucial to recognize that the prices of Bitcoin and altcoins are highly volatile due to increased liquidations and short-term profit-taking.
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