Bitcoin ETF frenzy triggers recovery
Bitcoin price has managed to recover all the losses seen in the past few weeks. Large inflows into BTC ETFs are creating new market momentum, bringing a flood of investor interest back into the market. BTC price is now up 21% in the last 60 days. It is trading at an average price of $71,200 with a 150% spike in its trading volume.
Bitcoin ETFs in the US have attracted over $3.5 billion in inflows so far this month. This shows that the demand for direct exposure to Bitcoin is increasing. Data from SoSoValue shows that BTC ETFs saw a total net inflow of $479.35 million on Oct. 28. BlackRock’s IBIT ETF saw the largest net inflow of the day. It garnered an inflow of $315.19 million alone.
According to data provided by Coinglass, over 68,000 traders were liquidated in the last 24 hours. Total liquidations amount to $239 million, while the largest single liquidation order of $18 million happened on Binance.
Data shows that $178.39 million worth of liquidated bets (74%) ended up being short positions. This suggests that traders were expecting a drawdown after Bitcoin broke above $70K. Meanwhile, bullish sentiments have frustrated bears to move forward. Investors Eye Trump’s Crypto Promises
Investors are also speculating on the potential results of next week’s US election. Bitcoin is considered a “Trump trade,” with many seeing it as pro-crypto. Trump is ahead in opinion polls in prediction markets, keeping traders on their toes.
The former president has declared that he would make the US the “crypto capital of the planet” if elected, while Vice President Harris has adopted a more moderate regulatory stance, unlike Biden’s repressive approach. Polymarket shows that Donald Trump has a 66% chance of winning the election against Kamala Harris.
Bitcoin now faces its next test. Break and hold above $71,000 for a shot at March’s high of $73,700. Some analysts argue that only a solid break beyond this level will confirm the bullish case. BTC options traders are betting big on an even stronger move, with many positioning for a peak of $80,000 by the end of the month.
Investors eye Trump’s crypto promises
Investors are also speculating on the potential results of next week’s US election. Bitcoin is considered a “Trump trade,” with many seeing it as pro-crypto. Trump is ahead in opinion polls in prediction markets, keeping traders on their toes.
The former president has declared that he would make the US the “crypto capital of the planet” if elected, while Vice President Harris has adopted a more moderate regulatory stance, unlike Biden’s repressive approach. Polymarket shows that Donald Trump has a 66% chance of winning the election against Kamala Harris.
Bitcoin now faces its next test. Break and hold above $71,000 for a shot at March’s high of $73,700. Some analysts argue that only a solid break beyond this level will confirm the bullish case. $BTC options traders are betting big on an even stronger move, with many positioning for a peak of $80,000 by the end of the month.
Dogecoin ($DOGE ) is on fire, hitting nearly $0.16, which is a five-month high. The largest meme cryptocurrency is now up 29% in 30 days. This surge coincides with Elon Musk’s endorsement of Trump, who suggested that Musk could lead the Department of Government Efficiency (DOGE) if elected.
