"Bitcoin is soaring, what is the driving force behind it?"

Recently, Bitcoin has been soaring all the way, and the rise is amazing. Who is the driving force behind it?

First, the ETF fund stimulus has contributed greatly. Just yesterday, the net inflow of the US spot Bitcoin ETF was as high as 556 million US dollars. Such a large-scale capital inflow has undoubtedly injected strong momentum into the rise of Bitcoin.

Second, the bullish attitude of large investors has also played an important role. The ratio of long and short positions of BTC on OKX once fell to 0.61, which shows the bullish tendency of the main force. Moreover, after BTC successfully broke through the pressure level of 63,000 yesterday, the main spot investors even deployed more than 100 million US dollars above 65,000. The active actions of large investors undoubtedly conveyed strong confidence to the market.

Third, the US election is approaching, and this major event has also had an impact on Bitcoin. Harris' attitude towards the crypto market has changed, and there are less than three weeks left before the US presidential election. Changes in the political situation often trigger market fluctuations, and Bitcoin is no exception.

Fourth, Mentougou's extension of the repayment period has alleviated the market's concerns about the selling pressure caused by creditors selling BTC to repay. This move has created favorable conditions for the stable rise of Bitcoin.

Fifth, there are other factors, such as the impact of A-shares and the "carving a boat to find a sword, BTC'Uptober' narrative". These factors work together to drive the surge of Bitcoin. #BTC突破6W8 $ETH $BTC