Bitcoin Clips $71,500 As Wall Street, ETF Inflows Fuel Bullish Momentum — What’s Next?
Bitcoin (CRYPTO: BTC) surpassed $71,500 during European daytime trading hours on Tuesday, driven by record-breaking ETF inflows and heightened market activity in derivatives.
What Happened: This price surge, up 4.1% over the past 24 hours at the time of writing, comes as Bitcoin spot ETFs experienced an influx of $479 million on Oct. 28, led by BlackRock’s ETF (NASDAQ:IBIT) with a $315.1 million addition, according to data from SoSo Value.
The Fidelity Wise Origin Bitcoin Fund (CBOE: FBTC) saw inflows worth 44.1 million and ARK 21Shares Bitcoin ETF (CBOE: ARKB) witnessed inflows of $59.7 million.
Ethereum (CRYPTO: ETH) spot ETFs had a total net outflow of $1.1376 million yesterday, data shows.
Bitcoin made a high of $71,540, according to CoinGecko data, and is currently trading at $71,460.
Also Read: ‘Asia’s MicroStrategy’ Metaplanet Buys Another $10.4M In Bitcoin, Exceeds 1,000 BTC Holdings
Why It Matters: Experts see these inflows, alongside other factors such as anticipated interest rate cuts, as positioning Bitcoin for further gains.
Speaking with Benzinga, Ryan Lee, Chief Analyst at Bitget Research, pointed to several influences shaping …
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