CandleFocus Bitcoin nears $69K mark amid strong ETF inflows and short liquidations
2024-10-25
Author: Content Editor
Bitcoin's price surge to $69,000 was driven by strong inflows into spot exchange-traded funds (ETFs) and a rise in short liquidations. Over the past 24 hours, short liquidations amounted to $17.91 million, surpassing long liquidations of $11.8 million, creating additional buying pressure. In addition, U.S.-based spot Bitcoin ETFs reported consecutive days of net inflows, with total inflows of over $2.12 billion in the past week. BlackRock's IBIT ETF had the highest inflow of $165.54 million. Since January, the 12 Bitcoin ETFs available have accumulated $21.53 billion in net inflows, achieving a significant milestone in the ETF landscape. The potential political shift in the United States, with the possibility of a pro-crypto administration, has also boosted investor sentiment.
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