🚀 Bitcoin Nears All-Time High! 🚀

Bitcoin (BTC) is on a roll, nearly touching its all-time high of $73,750! On October 29, BTC came within a few hundred dollars of smashing this milestone but faced a slight correction, now trading at $72,200.

Crypto enthusiasts are buzzing with excitement, anticipating a new high soon. CryptoQuant analysts highlight the impact of bitcoin over-the-counter (OTC) availability on BTC's price trajectory.

The rally is fueled by increasing net purchases from U.S. spot exchange-traded funds (ETFs), with daily volumes soaring from 1,300 BTC to 5,800 BTC by October 29. Despite this surge, daily purchases haven't reached the peaks seen earlier this year.

Interestingly, the balance of BTC on OTC desks is higher now compared to Q1 2024, which means ETF demand must increase to reduce Bitcoin inventory on these desks.

On the bright side, the growth of BTC balances on OTC desks has slowed, offering a glimmer of hope for a new BTC high if ETF demand continues to rise. 🌟

Stay tuned, Bitcoiners! 🚀