Bitcoin’s rise above $67,000 was driven by strong spot ETF inflows and increased short selling.
Bitcoin (BTC) has risen 2% in the past 24 hours and is trading at around $67,000 at the time of writing. Yesterday, October 15th, the leading crypto asset exceeded $67,500, approaching the $68,000 zone and hitting a two-month high.
BTC's market capitalization currently stands at $1.32 trillion, with daily trading volume of nearly $50 billion. Increased trading volume indicates increased interest from short-term holders and traders, which could increase Bitcoin price volatility.
The market-wide rally came as the US-based Spot BTC ETF recorded inflows for the third consecutive trading day. Each of these investment products closed last week with $253.6 million and opened this week with net inflows of $555.9 million.
According to data provided by Farside Investors, the Spot BTC ETF had net inflows of $371 million on Tuesday, October 15, led by $288.8 million in inflows for BlackRock's IBIT ETF.
Fidelity’s FBTC, Ark Invest’s ARKB, and Grayscale’s Mini BTC Trust supported inflows of $35 million, $14.7 million, and $13.4 million, respectively.
Grayscale's GBTC, VanEck's HODL, WisdomTree's BTCW, and Bitwise's BITB also joined the list with inflows of $8 million, $7.6 million, $2.8 million, and $700,000, according to data from Farside Investors.
To date, the Spot BTC ETF has recorded $19.8 billion in net inflows since its inception in January.
Meanwhile, the US-based Spot Ethereum (ETH) ETF recorded net outflows of $12.7 million amid mixed demand signals from investors. Grayscale's ETHE fund recorded an outflow of $15.3 million, while Fidelity's FETH recorded an inflow of $2.6 million.
The remaining ETH investment products remained neutral.
It is important to note that Bitcoin and altcoin prices have experienced increased volatility due to increased liquidations and short-term profit taking.
