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Sujit Kumar
Oct 29, 2024
by Sujit Kumar

Bitcoin Surges Past $71,500 Amid ETF Inflows and Market Momentum

Bitcoin Surges Past $71500

Table of contents

  1. A Major Breakout on the Horizon?
Bitcoin soared past $71,500 during European trading on Tuesday, supported by significant ETF inflows and a surge in derivatives activity. This 4.1% increase over the past day coincides with Bitcoin spot ETFs recording an influx of $479 million on October 28. BlackRock led the inflows with a $315.1 million addition, followed by Fidelity's Wise Origin Bitcoin Fund with $44.1 million and ARK 21Shares Bitcoin ETF at $59.7 million.

Ethereum spot ETFs, in contrast, saw a net outflow of $1.1376 million yesterday, underscoring a divergence in investor sentiment between BTC and ETH.

Analyst Perspectives and Market Indicators 

Ryan Lee, Chief Analyst at Bitget Research, pointed to liquidity from ETF inflows and the potential for a Federal Reserve rate cut as factors positioning Bitcoin for further gains. “A rate cut would improve macroeconomic liquidity, likely boosting crypto assets like Bitcoin,” noted Lee. The sustained demand from Wall Street is also a strong indicator of increasing institutional confidence in Bitcoin.

In the derivatives space, significant trader engagement indicates possible volatility, with $222.8 million liquidated in the last 24 hours. Short positions accounted for $164.6 million, showing strong buying pressure driving bearish traders out.

A Major Breakout on the Horizon?

As November approaches, Eneko Knörr, co-founder of Stabolut, sees a "short squeeze" potentially propelling BTC higher. Bitcoin’s price recently consolidated above $67,000, creating a solid support level that could serve as a launchpad for further gains. With on-exchange BTC supply reaching record lows and a technical setup aligning favorably, experts like Knörr view this as a prime moment for a significant Bitcoin breakout.

Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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Bitcoin Surges Past $71500
Bitcoin Surges Past $71,500 Amid ETF Inflows and Market Momentum
Sujit Kumar
Sujit received his Bachelors in Science from the LNMU Darbhanga. He is currently working as a Content Strategist. He has more than three years of professional experience in information systems, security policies, technologies, and Cryptocurrency. He has published 6 books in the area of information security and assurance. He has published more than 50 research articles in leading journals Regarding the Latest and Breaking Crypto News and updates. His research interests include access control, computer forensics, Digital Marketing, Web development, business hacks, player experience, and virtual storytelling.

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