Bitcoin (BTC) Breaks Above $71,000 as ETFs Record Massive Inflows
On Tuesday, Bitcoin, the bellwether cryptocurrency, hit $71,500, the highest level since early June.
The flagship cryptocurrency is now up roughly 12% this month, with "Uptober" living up to its name.
According to cryptocurrency analytics CryptoQuant, the current rally is being led by whales on the Binance exchange, which is seeing steady inflows of US capital.
Lookonchain data shows that a whale recently withdrew nearly $40 million worth of Bitcoin from the Binance exchange earlier this Friday.
Bitcoin ETFs record massive inflows
According to data provided by Farside Investors, Bitcoin exchange-traded funds (ETFs) recorded a whopping $479 million worth of inflows on Monday.
Unsurprisingly, BlackRock's IBIT logged $315 million worth of fresh money in a single day.
Alex DovbnyaThis is the fifth consecutive day of inflows logged by Bitcoin Bitcoin ETFs. They have now taken nearly $4 billion over the past 12 trading days. As noted by ETF analyst Neta Geraci, less than 10% of the ETFs in existence even have $4 billion in total assets.
On Monday, these products saw their largest single-day inflows since Oct. 14
Gold hits a new record high
Meanwhile, the price of gold recently reached a new record high of roughly $2,760. That said, Bitcoin nemesis Peter Schiff has admitted that the yellow metal's most recent advance will attract little attention compared to the flagship cryptocurrency.
Notably, Google searches for the term "Bitcoin" have started to increase, but they remain relatively low compared to previous bull runs.
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U.Today Editorial Team