Rally

Milk

Bitcoin

<h2 id="key-points">Key Points</h2> 
<ul> 
 <li>BItcoin price debuted this week above $69,000.</li> 
 <li>Last week’s BTC rally continues fueled by multiple factors including BTC ETFs’ 3rd largest inflow week.</li> 
</ul> 
<p>Bitcoin price began this week above $69,000, a price level that has not been seen since June.</p> 
<p>At the moment of writing this article, BTC is trading near $69,000, up by over 1% in the past 24 hours.</p> 
<p>Earlier, BTC reached prices above $69,400, ahead of a slight correction to $68,600, followed by a price rebound above the $69,000 level.</p> 
<figure id="attachment_52034" aria-describedby="caption-attachment-52034" style="width: 100%" class="wp-caption alignnone">
 <a href="https://crypto.ro/en/wp-content/uploads/2024/10/BTC_1D_graph_coinmarketcap-86.jpeg"><img loading="lazy" decoding="async" class="wp-image-52034 size-full" src="https://crypto.ro/en/wp-content/uploads/2024/10/BTC_1D_graph_coinmarketcap-86.jpeg" alt="BTC price in USD today" width="1200" height="800" title="Bitcoin Price Surpassed $69K, As BTC ETFs Saw 3rd Biggest Week at $2.13B 27" srcset="https://crypto.ro/en/wp-content/uploads/2024/10/BTC_1D_graph_coinmarketcap-86.jpeg 1200w, https://crypto.ro/en/wp-content/uploads/2024/10/BTC_1D_graph_coinmarketcap-86-300x200.jpeg 300w, https://crypto.ro/en/wp-content/uploads/2024/10/BTC_1D_graph_coinmarketcap-86-1024x683.jpeg 1024w, https://crypto.ro/en/wp-content/uploads/2024/10/BTC_1D_graph_coinmarketcap-86-768x512.jpeg 768w, https://crypto.ro/en/wp-content/uploads/2024/10/BTC_1D_graph_coinmarketcap-86-750x500.jpeg 750w, https://crypto.ro/en/wp-content/uploads/2024/10/BTC_1D_graph_coinmarketcap-86-1140x760.jpeg 1140w" sizes="(max-width: 1200px) 100vw, 1200px"></a>
 <figcaption id="caption-attachment-52034" class="wp-caption-text">
  BTC price in USD today
 </figcaption>
</figure> 
<p>Last week’s rally continues fueled by multiple factors including continuous BTC ETF inflows, whale accumulation, and rising Trump odds at the upcoming US elections.</p> 
<h2 id="us-btc-etfs-saw-their-3rd-biggest-week">US BTC ETFs Saw Their 3rd Biggest Week</h2> 
<p>Last week, Bitcoin ETFs in the US recorded continuous inflows, topping $2.13 billion – their third most significant week since the crypto products’ launch back in January.</p> 
<figure id="attachment_52035" aria-describedby="caption-attachment-52035" style="width: 100%" class="wp-caption alignnone">
 <a href="https://crypto.ro/en/wp-content/uploads/2024/10/21soso.png"><img loading="lazy" decoding="async" class="wp-image-52035 size-full" src="https://crypto.ro/en/wp-content/uploads/2024/10/21soso.png" alt="SoSoValue data" width="589" height="619" title="Bitcoin Price Surpassed $69K, As BTC ETFs Saw 3rd Biggest Week at $2.13B 28" srcset="https://crypto.ro/en/wp-content/uploads/2024/10/21soso.png 589w, https://crypto.ro/en/wp-content/uploads/2024/10/21soso-285x300.png 285w" sizes="(max-width: 589px) 100vw, 589px"></a>
 <figcaption id="caption-attachment-52035" class="wp-caption-text">
  SoSoValue data
 </figcaption>
</figure> 
<p>The biggest inflow week for the crypto products was the March 11-15 week, when the BTC ETFs saw $2.57 billion in inflows, followed by the February 12-16 week, when the crypto products recorded $2.27 billion in inflows.</p> 
<p>Last week, BlackRock’s Bitcoin ETF, IBIT, recorded the most inflows topping $1.14 billion in inflows.</p> 
<p>The total net assets in BTC ETFs in the US were over $66.1 billion as of October 18, and the cumulative net inflow in the crypto products was nearing $21 billion, according to data from<a href="https://sosovalue.xyz/assets/etf/us-btc-spot" rel="nofollow noopener" target="_blank"> SoSoValue</a>.</p> 
<p>Continuous flows in BTC ETFs represented a factor fueling BTC’s price rally. Other factors include whale accumulation and the upcoming US elections.</p> 
<h2 id="btc-whale-accumulation-spiked">BTC Whale Accumulation Spiked</h2> 
<p>Last week, Bitcoin’s whale transactions spiked on October 15 to their highest level in over 10 weeks, with almost 11,700 transfers worth over $100,000 on the network, according to Santiment <a href="https://x.com/santimentfeed/status/1846663363088236545" rel="nofollow" target="_blank">data</a>.</p> 
<p>They also noted that conversations across social media turned to BTC over altcoins., becoming the most dominant in 11 weeks.</p> 
<figure style="width: 100%" class="wp-caption alignnone">
 <a href="https://x.com/santimentfeed/status/1846663363088236545/photo/1" rel="nofollow" target="_blank"><img loading="lazy" decoding="async" src="https://pbs.twimg.com/media/GaCoZTaW0AAs1Rc?format=jpg&amp;name=4096x4096" alt="Santiment via X" width="3193" height="1788" title="Bitcoin Price Surpassed $69K, As BTC ETFs Saw 3rd Biggest Week at $2.13B 29"></a>
 <figcaption class="wp-caption-text">
  Santiment via X
 </figcaption>
</figure> 
<p>Also, data from CryptoQuant showed that new whales have been accumulating at a pace that hasn’t been seen since 2020 right before BTC’s price skyrocketed.</p> 
<figure style="width: 100%" class="wp-caption alignnone">
 <img loading="lazy" decoding="async" src="https://www.btcnews.com/wp-content/uploads/2024/10/2024whales.png" alt="Milk Road via CryptoQquant" width="778" height="453" title="Bitcoin Price Surpassed $69K, As BTC ETFs Saw 3rd Biggest Week at $2.13B 30">
 <figcaption class="wp-caption-text">
  Milk Road via CryptoQquant
 </figcaption>
</figure> 
<p>According to a CryptoQuant<a href="https://x.com/cryptoquant_com/status/1847278529135759408" rel="nofollow" target="_blank"> post</a> via X on October 18, Bitcoin’s apparent demand was also a key factor in sustainable price rallies.</p> 
<p>Another important catalyst for the price of BTC involves the upcoming US elections.</p> 
<h2 id="btc-price-rally-correlated-with-surging-trump-odds-to-win-elections">BTC Price Rally Correlated With Surging Trump Odds to Win Elections</h2> 
<p>Last week’s Bitcoin price rally has also been strongly correlated with Trump’s rising odds to win the US elections, as highlighted by Bernstein analysts.</p> 
<p>Today, according to data from Polymarket, Trump continues to lead Kamala Harris, by 60.7% to 38.8%.</p> 
<figure id="attachment_52036" aria-describedby="caption-attachment-52036" style="width: 100%" class="wp-caption alignnone">
 <a href="https://crypto.ro/en/wp-content/uploads/2024/10/21-oct-polymarket.png"><img loading="lazy" decoding="async" class="wp-image-52036 size-full" src="https://crypto.ro/en/wp-content/uploads/2024/10/21-oct-polymarket.png" alt="Polymarket" width="1134" height="465" title="Bitcoin Price Surpassed $69K, As BTC ETFs Saw 3rd Biggest Week at $2.13B 31" srcset="https://crypto.ro/en/wp-content/uploads/2024/10/21-oct-polymarket.png 1134w, https://crypto.ro/en/wp-content/uploads/2024/10/21-oct-polymarket-300x123.png 300w, https://crypto.ro/en/wp-content/uploads/2024/10/21-oct-polymarket-1024x420.png 1024w, https://crypto.ro/en/wp-content/uploads/2024/10/21-oct-polymarket-768x315.png 768w, https://crypto.ro/en/wp-content/uploads/2024/10/21-oct-polymarket-750x308.png 750w" sizes="(max-width: 1134px) 100vw, 1134px"></a>
 <figcaption id="caption-attachment-52036" class="wp-caption-text">
  Polymarket
 </figcaption>
</figure> 
<p>The markets are already<a href="https://crypto.ro/en/news/bitcoin-october-rally-a-sign-of-markets-pricing-in-a-potential-trump-2024-elections-victory/"> pricing in</a> a potential Trump victory in the US elections, highlighting the correlation between Bitcoin’s October rally and markets’ anticipation of the Republican candidate’s victory.</p>

Bitcoin Price Surpassed $69K, As BTC ETFs Saw 3rd Biggest Week at $2.13B

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