Bitcoin ETF Inflows Soar to $900M, Pushing BTC Price Toward New ATH

Bitcoin saw a notable surge this week as inflows into Bitcoin ETFs soared to $900 million. Cryptocurrency analyst Michaël van de Poppe reported

Bitcoin price surged this week as inflows into Bitcoin ETFs soared to a staggering $900 million. This massive inflow, highlighted by cryptocurrency analyst Michaël van de Poppe, is likely to propel Bitcoin toward a new all-time high (ATH).

Despite price fluctuations, the data showcases optimism among investors, with sustained interest driving the price momentum upward.

Bitcoin ETFs Fuel Buying Pressure

The大力涌入 Bitcoin ETF has generated substantial buying pressure, pushing Bitcoin’s price toward new highs. Over $900 million flowed into the market, indicating a significant increase.

As a result, Bitcoin’s market capitalization has risen to approximately $1.42 trillion.

Furthermore, Bitcoin recorded a high trading volume of over $45 billion in the past 24 hours. The surge in ETF inflows signals growing institutional interest, a trend that may continue with more capital expected to enter the market.

Metrics Surge on October 29th

October 29 stood out with notable gains in various metrics, indicating heightened activity. It marked the highest point for Bitcoin inflows during the week.

The Crypto Fear & Greed Index surged by nearly 7%, reaching 77, reflecting increased investor optimism.

Moreover, Bitcoin dominance fell slightly to 58.65%, showing that traders diversified their investments. Exchange balances also dropped, suggesting that more BTC is moving off exchanges, often a sign of long-term holding behavior.

Despite Bitcoin’s upward momentum, the market experienced notable fluctuations throughout the week. October 23 was the most challenging day, with substantial declines across multiple metrics, including a cumulative dip of 20,079.

However, futures trading volume fell 15.89%, but options open interest spiked 104.71%, hinting at potential volatility.

Funding rates held steady, with OKX’s BTC/USDT rate climbing to 0.0171%. This development signals a bullish sentiment among traders.

Meanwhile, BTC long/short volumes decreased 11.75%, while top traders on Binance boosted their long positions 5.20%.

Bitcoin’s price is currently quoted at $71,978.52, with a slight 0.43% gain in the past 24 hours. Its 24-hour trading volume reached $45,508,575,370, highlighting active market participation.

With a circulating supply of 19,775,359 BTC, Bitcoin is inching closer to its maximum supply of 21 million coins.

Changellyblog experts expect a bullish trend to continue into December 2024. The forecasted maximum trading value could be $81,385.08, while the potential low may be around $61,222.97. This range reflects the likelihood of ongoing volatility, though the average price is projected to be around $71,304.03.

Institutional Investment and Long-Term Holders Drive Confidence

Institutional players have notably contributed to Bitcoin’s recent surge, with high-value transactions exceeding $109 billion over the past week.

Furthermore, 99% of Bitcoin holders are currently in profit, highlighting the strength of the ongoing rally.

Long-term confidence also remains strong, with 71% of holders holding their assets for over a year. This trend indicates a HODLing mindset, which could further support Bitcoin’s price stability. Netflows showed a net decrease of $175.71 million as more BTC moved off exchanges, reducing selling pressure.

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