Bitcoin Nears $70,000 As $2.4 Billion In ETF Inflows Spur Optimism
Bitcoin's recent performance has been strong, rising nearly 10% in the week leading up to Sunday, marking its best weekly gain in over a month.
Bitcoin came close to the $70,000 mark on Monday, fueled by a surge of $2.4 billion in inflows into exchange-traded funds (ETFs) and growing optimism over U.S. cryptocurrency regulations. The digital asset rose by 1% before stabilizing at around $68,300, with smaller tokens such as Ethereum and Solana also moving within narrow trading ranges.
The inflows into U.S. spot-Bitcoin ETFs over the past six days reflect increasing confidence in a more favorable regulatory landscape following the upcoming Nov. 5 presidential election. The intersection of the U.S. election and global macroeconomic trends is shaping Bitcoin's trajectory, according to David Lawant, head of research at FalconX. He noted that market volatility is clustered around election day, indicating that traders are closely watching the outcome for potential regulatory changes.
Bitcoin has gained nearly 10% over the past week, marking its best performance in over a month. ETF demand previously pushed the cryptocurrency to an all-time high of $73,798 in March, though it last traded above $70,000 in June. As Bitcoin flirts with this key level once again, investors remain focused on the regulatory and market developments that could shape its future.
