Bitcoin has just surpassed the $70,000 mark for the first time since June 10, thanks to a surge in inflows into US spot Bitcoin exchange-traded funds (ETFs) over the past two weeks.
According to TradingView data, Bitcoin (BTC) rose by 3% in the last 24 hours, reaching a peak of $70,150 on Oct. 28 before dropping back below $70,000.
This increase in Bitcoin’s value coincides with a significant rise in inflows into Bitcoin ETFs. CoinShares reported that Bitcoin funds saw $920 million in inflows for the week ending Oct. 25, bringing year-to-date inflows to $25.4 billion.
This surge in interest in Bitcoin ETFs followed a spike in inflows into the 11 US spot-based ETFs for the week ending Oct. 18, with over $2.1 billion in net inflows, according to Farside Investors.
In addition to the increased inflows, many crypto traders are pointing to a bullish chart pattern known as a “golden-cross,” where Bitcoin’s 50-day moving average crosses above its 200-day moving average, indicating the potential for a price breakthrough.
While Bitcoin briefly experienced a dip to a low of $66,510 on Oct. 25 due to reports of a probe into stablecoin issuer Tether by the US Department of Justice, the price has since rebounded. This recovery has been attributed to Republican candidate Donald Trump’s lead over Vice President Kamala Harris in the Nov. 5 US presidential election, according to Polymarket data.
Despite Trump’s lead in prediction markets, voter polls show Harris maintaining a 1.3 percentage point lead over the former US president.
In addition to these political factors, Bitcoin’s price has also likely been influenced by Iran’s decision not to retaliate against Israel following an attack on Oct. 26.
With Bitcoin now just 5% away from its all-time high of $73,679 on March 13, it is currently at its highest price since mid-May, breaking out of a range-bound trading pattern that saw it mostly fluctuating between $55,000 and $65,000.