Institutional Demand for Bitcoin Behind Bitcoin’s Recent Price Rise
Bitcoin’s price has seen a significant surge in the past few days as the currency has managed to break through resistance and the important psychological level of $70,000.
At the time of publishing this article, Bitcoin’s price has fallen below the $70,000 level.
According to many analysts and crypto market observers, the rise in Bitcoin prices is a direct result of the increased demand from institutions for Bitcoin ETFs.
In the past few days, according to Bloomberg data, about $872 million was pumped into the “iShares Bitcoin Trust” exchange-traded fund on Wednesday, a daily record.
The subscriptions and financial flows into these digital products, which are only nine months old, are among the highest flows into ETFs globally.
All eyes are currently on the US elections and their results, and who will be the next president, which will inevitably have an impact on the crypto market and cryptocurrency prices.
