Key Points
- Bitcoin (BTC) has surged past $67,000, driven by strong spot exchange-traded fund inflows and increased short liquidations.
- Spot BTC ETFs have seen significant net inflows, while spot Ethereum (ETH) ETFs have experienced mixed demand.
Bitcoin’s value has soared above the $67,000 mark, a result of solid inflows into spot exchange-traded funds and an increase in short liquidations.
BTC, over the last 24 hours, has risen by 2% and is presently trading at around $67,000. On October 15, the leading cryptocurrency breached $67,500 and even approached the $68,000 zone, reaching a two-month high.
Bitcoin’s Market Performance
The market cap of Bitcoin is currently estimated at $1.32 trillion, with a daily trading volume close to $50 billion. The escalating trading volume indicates a growing interest from short-term holders and traders, which may lead to an increase in Bitcoin’s price volatility.
The surge across the market occurred as the U.S.-based spot BTC ETFs recorded three successive trading days of inflows. These investment products ended last week with $253.6 million and began this week with $555.9 million in net inflows.
Spot BTC ETFs Inflows
According to data provided by Farside Investors, spot BTC ETFs experienced $371 million in net inflows, spearheaded by BlackRock’s IBIT ETF’s $288.8 million inflow, on Tuesday, October 15. 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.
Grayscale’s GBTC, VanEck’s HODL, WisdomTree’s BTCW, and Bitwise’s BITB also joined the list with $8 million, $7.6 million, $2.8 million, and $0.7 million in inflows, as per Farside Investors’ data. Since their launch in January, spot BTC ETFs have recorded $19.8 billion in net inflows.
On the other hand, spot Ethereum ETFs in the U.S. saw $12.7 million in net outflows due to mixed demand signals from investors. Grayscale’s ETHE fund witnessed $15.3 million in outflows, while Fidelity’s FETH recorded $2.6 million in inflows. The remaining ETH investment products remained neutral.
It is important to highlight that the prices of Bitcoin and other altcoins are experiencing high volatility due to increased liquidations and short-term profit-taking.