Bitcoin (BTC) was carried by spot ETFs: Step by step to the rally!

Continuing its upward movement, Bitcoin gave the green light to the bull season with the net inflow from spot ETFs. BTC recorded a net inflow of $555 million on yesterday's trading day. This figure was the largest investment received by ETFs since June 4. According to Farside Investors' data, the total net inflow of 11 ETFs was $555.9 million on October 14, which was the largest daily net inflow since the beginning of June. With the support from spot ETFs, the pioneer of cryptocurrencies tested $66,500.

Fidelity Wise Bitcoin Origin Fund (FBTC) topped the list with an inflow of $239.3 million, its highest level since June 4. The Bitwise Bitcoin ETF (BITB) has a little over $100 million, while BlackRock’s iShares Bitcoin Trust (IBIT) saw $79.6 million in inflows.

The Ark 21Shares Bitcoin ETF (ARKB) saw nearly $70 million in inflows, while the Grayscale Bitcoin Trust (GBTC) saw its first inflow in October at $37.8 million, also the highest since early May.

Spot ETH ETFs have failed to catch up, with zero net inflows in Bitwise, VanEck, Franklin, and Grayscale, and small inflows in Fidelity and Invesco. The BlackRock iShares Ethereum Trust (ETHA) saw $14.3 million in inflows, bringing its total to $17 million.

After breaking $63,000, $BTC rose rapidly and quickly reached $66,500. As of the writing of the news, the admiral of cryptocurrencies, which is changing hands at $65,299, may target the red box ($70,000 band) if it exceeds $67,091. However, it needs to break the falling channel before this region.

The falling channel structure that has been going on since March may act as resistance for BTC. Therefore, a pullback from the $68,500 level can be expected. In downward price movements, $64,777 and $62,000 can be expected to work as support.

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