Growing Interest in ETFs Drives Surge in Bitcoin Demand

Cryptocurrencies are experiencing one of the best weekends recently, with
altcoins
reaching significant levels. As demand for ETFs has revived, it has increased market interest, and Bitcoin (BTC)


$
68,637
has risen to the $68,700 mark at the time of writing. What is happening in the market? Here are the latest evaluations from
cryptocurrency
experts.
Contents
Bitcoin ETF Data
Bitcoin Predictions
Bitcoin ETF Data
In today’s analysis, Daan Crypto Trades highlighted the rising demand for ETFs. Over the past week, there have been impressive inflows, and such consistent cash inflows have not been seen for quite some time. On Monday, there was a net inflow of over half a billion dollars into BTC ETFs. While the subsequent days did not surpass this record, they remained close.


Monday +$555.9M
Tuesday +$371M
Wednesday: +$458.5M
Thursday +$470.5M
Friday +$273.7M
The total inflow over just five days reached $2.129 billion. This figure constitutes about 10% of the total ETF inflows to date. The increasing risk appetite among institutional investors is likely fueled by strong performance in the last quarter.
Bitcoin Predictions
Crypto Faibik mentioned in the latest market analysis that BTC’s journey to $88,000 has now begun. With the breakout of a bullish flag on the three-day chart, we should see more closes above the key level. Indeed, BTC’s price was above this level at the time of writing.


We are witnessing the sixth test of resistance after months of tedious ups and downs. The more intense the resistance is tested, the higher the likelihood of a breakout. Marco Johanning shared the following current chart, indicating that November could be a stronger rally period.


By the end of the article, BTC had reached as high as $68,765. Given the macroeconomic calm expected in the following week, we might see a quick attempt at $70,000 soon. However, weak volume casts doubt on this possibility.
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Disclaimer:
The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.