PANews, October 21, reported by The Block: As Bitcoin attempts to break through the $70,000 resistance level again, approaching its historical highs, analysts at research and brokerage firm Bernstein stated that the inflows into Bitcoin ETFs, the cryptocurrency stock market, and retail trading sentiment are all 'strongly indicating a risk appetite.' Bernstein analyst Gautam Chhugani noted that like other risk assets, the market believes that the likelihood of Trump winning the U.S. presidential election, which supports cryptocurrencies, is increasing, while Vice President Harris has also made optimistic and clearer statements on crypto policy, reducing market concerns about downside risks and leading investors to believe that now is a good time to enter the market.

Analysts pointed out that the U.S. spot Bitcoin ETF has returned to a strong net inflow status, reaching $2.1 billion last week, which is the highest inflow since the $2.6 billion generated when Bitcoin was near its historical high of $74,000 in the second week of March. Chhugani stated: 'We believe that as asset management companies focus on distribution to wealth advisors and large brokerage firms, incremental ETF inflows are increasingly driving spot demand for Bitcoin, while initial ETF demand has come from spot CME derivative arbitrage trades.'

Chhugani also believes that Robinhood's cryptocurrency trading revenue has increased by 160% year-on-year, which is another indicator of retail sentiment being bullish.