According to cryptocurrency analytics platform CryptoQuant, Bitcoin, the leading cryptocurrency by market capitalization, could experience a renewed price surge
This rally could be driven by fresh demand for exchange-traded products, according to the firm.
Godfrey BenjaminCryptoQuant has noted that massive buying pressure stemming from Bitcoin ETFs (to the tune of 9,000 BTC on a daily basis) managed to push the price of the leading cryptocurrency to its current record high of more than $73,000 which was recorded in March.
On Thursday, Bitcoin ETFs recorded a total of $52 million worth of outflows. Notably, this coincided with a substantial price drop.
Alex DovbnyaBitcoin is currently approaching the $62,000 level, according to CoinGecko data. The cryptocurrency is up roughly 2% following the latest US jobs report, which turned out to be stronger than initially expected.
As reported by U.Today, JPMorgan recently compared Bitcoin to gold, arguing that they are part of the same "debasement trade." At the same time, the banking giant noted that Ethereum, Bitcoin archival, was not seeing significant institutional demand.
Despite the favorable narrative, the cryptocurrency is struggling to regain momentum during its most bullish month.
Following the initial hype, the number of "Uptober" mentions declined substantially, with many traders being caught off guard by negative returns. Now that this speculative fervor has died down, some analysts believe that Bitcoin might actually experience a short-term bounce since a bullish October no longer appears to be the consensus trade.
PolyMarket bettors see only a tiny chance of the Bitcoin price reaching six-digit territory this year. However, there is still a decent 44% chance of the largest cryptocurrency hitting a new all-time high in 2024. This has become the holy grail of Bitcoin bulls.
Arman Shirinyan
Vladislav Sopov
Dan Burgin
U.Today Editorial Team