Crypto News – Spot Bitcoin ETFs See Record Inflows Amid Price Surge
Crypto News – The CoinDesk 20 Index stands at 2,149.28, reflecting a 0.13% increase. Bitcoin (BTC) is trading at $72,068.34, showing a gain of 0.86%, while Ethereum (ETH) is valued at $2,661.30, up 1.16%. The broader market has remained stable, with the S&P 500 at 5,832.92 (+0.16%) and gold priced at $2,781.56 (+0.46%). The Nikkei 225 index has also seen a rise, currently at 39,277.39, which is a 0.96% increase.
On Tuesday, Bitcoin traded within a narrow range, fluctuating between $71,150 and $72,500 after reaching just under $73,000 around 23:00 UTC. The cryptocurrency even surged to over $73,500 during the U.S. afternoon session. This movement comes as the broader digital asset market saw modest gains, with ETH rising about 1.15% while Solana (SOL) dropped by over 2.5%.
Spot Bitcoin ETFs and Trading Volume Surge
On the same day, spot Bitcoin ETFs experienced their third-highest inflows, adding more than $870 million. Total trading volumes surpassed $4.75 billion, marking the highest levels since March. Notably, BlackRock’s IBIT ETF accounted for an impressive $3.3 billion of this volume. Bloomberg ETF analyst Eric Balchunas commented on this anomaly, stating, “$IBIT traded $3.3 billion today, the biggest number in 6 months, which is a bit odd because BTC was up 4% (typically, ETF volume spikes in a downturn/crisis). Occasionally, though, volume can spike if there’s a FOMO-ing frenzy. Given the surge in price over the past few days, my guess is this is the latter, which means look for big inflows this week.”
Bhutan Government’s Bitcoin Movements
In another development, the Bhutan government, which holds over $900 million in Bitcoin, moved a portion of its holdings to exchanges on Tuesday. This action has sparked speculation that Bhutan is preparing to sell some of its stash, potentially impacting market prices. This activity aligns with a broader trend of profit-taking among whales as Bitcoin’s price approaches its record high set in March. As more holders realize profits and seek to lock in gains, their market activities may decelerate the upward momentum toward previous highs.
Research from CoinDesk noted that even though realized profits in Bitcoin peaked on October 8 and have begun to slow, indicating a positive trend, profit-taking remains higher than the annual average. This suggests a cautious sentiment among investors as they navigate the volatile landscape of cryptocurrency markets.
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