ChainCatcher reported that according to The Block, Bitcoin broke through $68,000 early this morning. Rachael Lucas, a cryptocurrency analyst at BTC Markets, said, "One of the main drivers of the rise is the massive inflow of funds into Bitcoin ETFs."

U.S. bitcoin spot ETFs recorded their eleventh consecutive day of net inflows on Friday, with BlackRock’s IBIT seeing nearly $19 billion in cumulative net inflows since its inception, according to SoSoValue data.

Meanwhile, Bitcoin’s gains also appear to have been influenced by U.S. President Joe Biden’s announcement that he will not run in the upcoming November presidential election, which could increase the likelihood of a victory for Republican candidate Donald Trump, who supports cryptocurrencies. While Biden has endorsed Vice President Kamala Harris to succeed him as the Democratic nominee, Harris has yet to express views for or against the cryptocurrency industry.

Rachael Lucas said that market trends may still be affected by the outstanding repayments from Mt. Gox, and the market may still face short-term volatility as most of the expected creditor repayments (totaling US$9 billion) are expected to be processed in early August.