Bitcoin has soared past the $70,000 mark for the first time in over seven months, driven by robust spot ETF inflows totaling nearly $1 billion over the past week.
The latest rally has ignited excitement not only in the crypto market but also in crypto-related equities, with companies like IREN, Hut 8, Bitdeer, and TeraWulf showing significant gains as they capitalize on the surging demand for AI technology and Bitcoin’s rally.
QCP: Bitcoin broke the $70k level for the first time in over seven months. Strong spot ETF inflows of nearly $1 billion just last week. This euphoria has extended to crypto-related equities. IREN, Hut 8, Bitdeer, and TeraWulf, are outperforming as they benefit from increased AI…
— Wu Blockchain (@WuBlockchain) October 29, 2024
Currently trading above $71,500 on Binance, Bitcoin is edging close to its all-time high of $73,737 from March 2024. The excitement has spilled over into meme coins as well, with coins like DOGE, SPX, BRETT, POPCAT, and FLOKI all experiencing increases of over 10% within the past 24 hours.
The price of Bitcoin on Binance has exceeded $71,500, only $2,000 away from its all-time high of 73,737 on March 14, 2024. Memecoins have seen the largest gains in the past 24 hours, with DOGE, SPX, BRETT, POPCAT, and FLOKI all increasing by more than 10%. https://t.co/osFJFGO3mg pic.twitter.com/D20ZmOBBla
— Wu Blockchain (@WuBlockchain) October 29, 2024
US entities have been buying up Bitcoin, hinting at a possible bullish wave reminiscent of the late 2023 surge, which was similarly accompanied by an increase in US-held BTC.
A new bitcoin bull run could be on the horizon, with US entities snapping up more $BTC.
The last surge in late 2023 coincided with a rise in US-held bitcoin, while recent price stagnation mirrored a dip in these holdings. pic.twitter.com/l9NFjXYFal
— Kyledoops (@kyledoops) October 28, 2024
Additionally, 99% of Bitcoin holders are now in profit, signaling robust investor confidence. This rally follows a previous attempt in June to break new highs, which ultimately fell short.
99% of Bitcoin holders are in profit as Bitcoin pushes its all-time high.
The last time we saw these levels was in June, when Bitcoin ultimately failed to break through.
Will this time be different? pic.twitter.com/h1sspoELN2
— IntoTheBlock (@intotheblock) October 29, 2024
Bitcoin Whale From 2012 Gets Active Again
In a surprising move, a Bitcoin whale holding 749 BTC—originally purchased in 2012 for a mere $11 per BTC—has reactivated after 12 years of dormancy, moving 159 BTC, currently valued at $11.32 million.
After the price of $BTC broke through $71,000, a whale with 749 $BTC($53.23M) woke up after 12 years of dormancy and transferred 159 $BTC($11.32M) out!
The whale accumulated 749 $BTC($8,151 at the time) in 2012 when the price was only $11.https://t.co/I98gM9YgSL pic.twitter.com/XPHMKp5gQP
— Lookonchain (@lookonchain) October 29, 2024
In parallel, the Royal Government of Bhutan made headlines by depositing 929 BTC, valued at $66.16 million, to Binance, adding to its substantial holding of 12,456 BTC worth $886.58 million.
Royal Government of #Bhutan deposited 929 $BTC($66.16M) to #Binance in the past hour.
Royal Government of #Bhutan currently holds 12,456 $BTC($886.58M).https://t.co/ki4I4mfRpo pic.twitter.com/w3D7IqpJ08
— Lookonchain (@lookonchain) October 29, 2024
Adding further fuel to the fire, Bitcoin spot ETFs saw net inflows of $479 million on October 28 alone, with BlackRock’s IBIT ETF attracting $315 million. These inflows reflect sustained institutional interest and could signify the beginning of a new bull market for Bitcoin.
Bitcoin spot ETF had a total net inflow of $479 million on October 28, and only one day of net outflow since October 11. BlackRock ETF IBIT had an inflow of $315 million. Ethereum spot ETF had a total net outflow of $1.1376 million yesterday. https://t.co/59u0BnEqLG pic.twitter.com/0zerMZ0yBD
— Wu Blockchain (@WuBlockchain) October 29, 2024
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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