Breaking Bitcoin Hits $70,000 For the First Time Since June
Bitcoin reached $70,000 today for the first time in over four months. BTC’s daily trading volume has also jumped by nearly 135% on Monday, according to CoinMarketCap data.
This is only the third time that the largest cryptocurrency has hit the $70,000 mark, as it reached a new all-time high earlier this year.
Bitcoin ETFs Continue To Play a Critical Role in Price Movements
The price surge is likely driven by the constant net inflow in Bitcoin ETFs throughout October. According to data from SoSo Value, spot Bitcoin ETFs in the US saw a daily net inflow of $402.08 million on Monday.
In fact, Bitcoin ETFs have seen 15 days of positive inflow throughout October. Overall, more than $3 billion in assets have been added to the twelve ETFs this month.
This surge in net inflow has largely contributed to keeping the BTC market largely stable in recent weeks, with a 6% gain in October. However, the token briefly fell to $65,000 last week after WSJ reported that USDT provider Tether was under federal investigation.
BTC recovered quickly after Tether’s CEO dismissed the claims, and it has been on an upward trend throughout the week – finally reaching $70,000 today.
“Forget the exact numbers. Focus on the big picture. In my opinion (and I can be wrong), Bitcoin will jump an order of magnitude in the 18 months after the halving, as it always did, based on stock-to-flow,” influencer PlanB wrote in an X(formerly Twitter) post.
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Recent data points to a growing US-based accumulation of Bitcoin as a key factor in its price trajectory. The US-to-Rest Reserve Ratio, an indicator that compares Bitcoin holdings by US entities to those held by non-U.S. institutions, was influential when the token surpassed $73,000 in March.
This ratio has been steadily increasing since Q4 2023, aligning with BTC’s price growth. It indicates a heightened demand for the cryptocurrency from institutional investors.
BTC’s dominance within the crypto market continues to rise as well. It reached 59% in October, a 3.45% increase from the previous month. This trend reflects Bitcoin’s appeal as a resilient asset, especially for institutional buyers attracted by the token’s relative stability in the market.
