CandleFocus Here’s Who is Driving the Bitcoin Rally Past $71,000 Today
2024-10-29
Author: Content Editor
Bitcoin has reached a new record by crossing the $70,000 mark and is now close to its all-time high. This rally has had a positive impact on the overall crypto market, which has experienced a 4.56% increase in the past day. The surge in Bitcoin's price is attributed to heavy trading activity, particularly by Binance whales, who have been active since October 14. The Coinase Premium Gap (CPG) data shows a decline in price differences between Coinbase and Binance, indicating a "negative premium." However, this does not suggest a drop in U.S. demand, as U.S. Bitcoin spot ETFs have seen increased inflows. The current Bitcoin price is primarily influenced by Binance whales, with support from steady U.S. capital inflows.
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