Bitcoin Powers Past $72,500 As Wall Street, ETF Inflows Fuel Bullish Momentum — What’s Next? (UPDATED)
Editor’s note: This story has been updated with fresh market information during the New York trading session.
Bitcoin continued its rally on Tuesday, briefly hitting a high of $72,597 in the afternoon before settling at $72,590, driven by record-breaking ETF inflows and heightened market activity in derivatives.
What Happened: This marks a 5.5% gain over the past 24 hours. Bitcoin last crossed the $72,000 mark in March this year and has since been rangebound.
This upward movement inches Bitcoin closer to the highly anticipated $73,737 level, its all time high, according to CoinGecko data.
Ethereum (CRYPTO: ETH) mirrored Bitcoin’s gains, currently trading at $2,645 after reaching a peak of $2,650, also up 5.5% over the same period.
This price surge 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 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.
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