Bitcoin BTC Surges Past 71000 as ETF Inflows Reach Record High

Cryptocurrency leader Bitcoin reached $71,500 on Tuesday, reaching its highest level since early June. This flagship cryptocurrency has risen by about 12% this month, living up to its name “Uptober”. According to data from cryptocurrency analysis company CryptoQuant, the current upward trend is led by whales on the Binance exchange, who are continuously receiving capital inflows from the United States. Lookonchain data shows that earlier this week, a whale withdrew nearly $40 million worth of Bitcoin from the Binance exchange. Bitcoin ETF inflows are significant as well. According to data provided by Farside Investors, Bitcoin exchange-traded funds (ETFs) saw a capital inflow of $479 million on Monday. Unsurprisingly, BlackRock’s IBIT injected $315 million of new funds within a day. This marks the fifth consecutive day of capital inflows into Bitcoin ETFs, with nearly $4 billion flowing in over the past 12 trading days. ETF analyst Neta Geraci pointed out that less than 10% of the total assets of existing ETFs reach $4 billion. On Monday, these products saw the largest single-day inflow since October 14. Meanwhile, the price of gold recently reached a new high of around $2,760. However, Peter Schiff, a competitor of Bitcoin, admitted that gold’s recent upward trend would not attract much attention compared to the flagship cryptocurrency. It is worth noting that the search volume for the term “Bitcoin” on Google has started to increase, but it is still relatively low compared to the previous bull market.