Bitcoin hits $70K amid huge ETF inflow streak
Bitcoin has hit a price of $70,000 as inflows to ETFs in the US notched a six day streak, surpassing $2.4 billion.
The price of Bitcoin has just crossed the $70,000 milestone for the first time since June 10 following two strong weeks of inflows into the United States spot Bitcoin exchange-traded funds (ETFs).
Bitcoin (BTC) jumped by 3% in the last day to a high of $70,150 on Oct. 28 before falling back below $70,000, TradingView data shows.
Its gains come alongside another notable rise in inflows into Bitcoin ETFs. As CoinShares reported, Bitcoin funds recorded $920 million in inflows for the week ending Oct. 25, bringing year-to-date inflows to $25.4 billion.
This followed a large steak of inflows into the 11 US spot-based ETFs for the week ending Oct. 18, accumulating over $2.1 billion in net inflows, according to Farside Investors.
Several crypto traders also claim Bitcoin saw a “golden-cross” — a bullish chart pattern in which its 50-day moving average crosses above its 200-day long-term moving average — indicating potential for a potential price breakthrough.