Bitcoin Nears $69K on ETF Inflows and Short Liquidations

Bitcoin is nearing its two-month high of $69,000, driven by record inflows into spot ETFs and a surge in short position liquidations.

Bitcoin's Price Rally
Currently trading at $67,739, Bitcoin has gained 0.6% in the last day. This rise is fueled by growing ETF investments and $17.91 million in short liquidations, which are adding pressure on prices to climb.

Record Inflows into Spot ETFs
Spot Bitcoin ETFs in the U.S. saw $2.12 billion in inflows recently, with BlackRock’s IBIT ETF leading with $165.54 million on October 24. Since January, these ETFs have attracted over $21.53 billion, marking a milestone that took gold ETFs five years to reach.

Political Boost
Bitcoin sentiment is also rising with the possibility of a pro-crypto administration in the U.S., potentially led by Donald Trump, which could bring crypto-friendly policies and new market opportunities.

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