According to Cointelegraph: Bitcoin (BTC) has jumped 5.7% over the past two days, reaching $72,100, its highest point since June 2024. This recent surge is supported by several key factors:
1. Soaring Bitcoin ETF Inflows
Spot Bitcoin ETFs saw a net inflow of $479.4 million on Oct. 28, marking strong institutional demand.
BlackRock's iShares Bitcoin Trust (IBIT) led with $300 million in inflows, followed by ARK Invest’s ARKB with $59.8 million. CryptoQuant data indicates an average daily inflow of $257 million over the past month, supporting BTC’s push above $70,000.
Bitcoin ETF holdings chart by Charles Edwards. Source: X.com
2. New All-Time High in US Bitcoin ETF Holdings
Charles Edwards from Capriole Fund highlighted that Bitcoin ETF holdings in the U.S. hit a record $66 billion, further evidencing rising institutional interest.
Bitcoin 1-year change in whales holding the chart. Source: X.com
3. Increased Open Interest in Bitcoin Futures
Open interest in Bitcoin futures rose by $2 billion on Oct. 28, reaching a new peak of $22.77 billion, signalling heightened trading activity and influencing BTC's price momentum.
Bitcoin Open Interest, BTC price, and aggregate liquidations. Source: Velodata
4. Large-Scale Liquidations Pushing Prices Higher
As BTC crossed $70,000, over $150 million in leveraged short positions were liquidated, creating additional buy pressure and further lifting Bitcoin’s price to $71,800.
Bitcoin weekly chart analysis by Peter Brandt. Source: X.com
5. Technical Levels to Watch for Continued Rally
Peter Brandt noted that BTC needs to close above $76,000 for a confirmed breakout. The current resistance is around $71,500, a level tested repeatedly in early 2024. A successful close above this mark could reinforce bullish sentiment.
Overall, strong institutional inflows, record ETF holdings, and surging futures activity are driving Bitcoin’s latest rally, with a potential breakout pending further technical confirmation above $71,500 and $76,000.
