Why is Bitcoin Up? Bitcoin Price Targets All-Time High with Strong Momentum$BTC

This week, Bitcoin (BTC) climbed above $72,000, up over 8%, driven by rising investor interest and anticipation of a Republican victory in the upcoming U.S. presidential election.

On October 28, Bitcoin saw $479.4 million in inflows into exchange-traded funds (ETFs), led by BlackRock and ARK Invest. BlackRock alone contributed over $300 million, helping Bitcoin reclaim the $70,000 mark for the first time since June 2024.

Large investors, or “whales,” are showing strong demand, with institutional interest now double that of retail. Bitcoin futures open interest (OI) also reached a record $42.6 billion, indicating strong momentum from bullish traders

Key Points:

Bitcoin needs to close above $76,000 to confirm a breakout.

ETF inflows and election speculation are fueling optimism.

Experts believe these trends could push Bitcoin toward a new all-time high soon.

Record Inflows into BlackRock’s Bitcoin ETF Point to Rising Institutional Demand

BlackRock’s spot Bitcoin ETF, IBIT, saw record-breaking inflows of $875 million on October 30, surpassing its previous high of $849 million in March.

This marked the fund’s 13th consecutive day of positive inflows, bringing total investments to approximately $4.08 billion since its January launch.

The strong inflows highlight increasing institutional interest in Bitcoin through traditional investment channels.