Bitcoin (BTC) has experienced significant upward momentum recently, with its price reaching approximately $96,475. This surge is attributed to several key factors:CoinDesk
Institutional Inflows via Spot ETFs: U.S.-listed spot Bitcoin ETFs have attracted substantial investments, with net inflows totaling around 47,000 BTC over a two-week period in October 2024. This influx of institutional capital has been a major driver of the price increase. CoinDesk+1CoinDesk+1Investor's Business Daily+1The Australian+1
Record-High Open Interest: Bitcoin's open interest across all exchanges reached a record $19.7 billion in mid-October 2024, indicating heightened trading activity and investor interest. Binance
Post-Halving Market Dynamics: The 2024 Bitcoin halving event, which reduced miner rewards, has led to a decreased supply of new bitcoins entering the market. Historically, such supply constraints post-halving have contributed to price increases. CoinGape+2Investor's Business Daily+2Neil Yanto Official Website+2
Historical Seasonal Trends: October has traditionally been a strong month for Bitcoin, often referred to as "Uptober." Analysts anticipated a breakout during this period, aligning with historical post-halving trends. UnchainedCoinpedia Fintech News+2CoinGape+2NewsBTC+2
Given these factors, Bitcoin's recent price movements reflect a confluence of institutional interest, market dynamics, and historical trends.
Bitcoin (BTC)$96,475.00-$1,277.00(-1.31%)Today1D5D1M6MYTD1Y5Ymax