Key Points
- Bitcoin ETFs within the US continued their influx streak at over $479 million on October 28.
- BTC is at present buying and selling above $71,000.
Bitcoin’s value recorded a notable rally as we speak, surpassing the vital degree of $71,000. By surging virtually 9% up to now month, BTC proved that Uptober remains to be on the desk, racing in the direction of its earlier ATH above $73,000 recorded in March.
At the second of writing this text, BTC is buying and selling above $71,000, up by virtually 5% as we speak, after earlier reaching $71,450.
Bitcoin kicked off the final week of October with bullish strikes, forward of the US elections scheduled for November 5. This is a crucial macro week stuffed with occasions that would nonetheless affect the trajectory of BTC’s value.
Bitcoin’s latest rally is catalyzed by a number of components, together with growing demand in custodial wallets.
Bitcoin Demand in Custodial Wallets is Rising
According to CryptoQuant’s founder and CEO, Ki Young Ju, Bitcoin is seeing elevated institutional demand in custodial wallets.
In a post on X, he detailed that over the previous yr, 278,000 BTC flowed into the US BTC ETFs, representing 80% retail, and 670,000 BTC went into whale wallets. He famous that whale wallets are those with no less than 1,000 BTC cash, excluding exchanges and minting swimming pools.
In custodial wallets, institutional demand is twice the certainly one of retail.
Speaking of BTC ETFs within the US, the crypto merchandise continued their influx streak with notable influxes.
BTC ETFs Inflows on October 28
Yesterday, the US Bitcoin ETFs recorded over $479 million in inflows as follows:
- BlackRock’s Bitcoin ETF, IBIT, recorded over $315 million in inflows.
- Ark Invest and 21 Shares’ Bitcoin ETF, ARKB, recorded virtually $60 million in inflows.
- Fidelity’s Bitcoin ETF, FBTC, noticed over $44 million in inflows.
- Bitwise’s Bitcoin ETF, BITB, recorded over $38 million in inflows.
- Grayscale’s Bitcoin ETF, BTC, noticed over $21 million in inflows.
The different Bitcoin ETFs didn’t document any outflows or inflows yesterday.
According to official knowledge from SoSoValue, the full internet belongings locked in BTC ETFs as of October 28 had been over $68.4 billion, whereas the cumulative whole flows within the crypto merchandise surpassed $22.4 billion.
Since October 11, BTC ETFs have recorded fixed inflows, with the one exception being October 22, when the crypto merchandise recorded $79 in outflows. The most vital influx day was October 14, when the BTC ETFs noticed virtually $556 million in inflows.
Other BTC Price Catalysts
Bitcoin’s latest value rally is catalyzed by a number of different components, together with the upcoming US elections and potential outcomes, growing adoption and curiosity, notable crypto-related occasions, potential upcoming fee cuts by the US Fed, and the present state of the US financial system.
As beforehand famous, BTC may be already pricing in a possible Trump win for the US Presidency. According to Polymarket knowledge, his successful odds should not at 66.3%, fueled by the weekend NYC rally and the vital Joe Rogan interview.
Important names together with RFK, Elon Musk, and Tucker Carlson attended Trump’s rally final Sunday at Madison Square Garden.
