Bitcoin ETFs purchased an additional $1.6 billion in the last 2 days, BTC price hits ATH of $97,600

The price of Bitcoin recently reached an all-time high (ATH) of around $97,600, thanks to strong buying pressure from Bitcoin ETFs, including an investment of up to $1.6 billion in the past two days. Demand from ETFs such as BlackRock's IBIT, Fidelity's FBTC, and ARK Invest's ARKB has significantly increased, causing the BTC price to continue its strong growth. This was noted after ETFs in the US were allowed to trade options starting on November 19, creating new momentum for Bitcoin's value.

Moreover, the derivatives market also saw a substantial increase, with the IBIT fund reaching $1.9 billion in options trading volume on its first trading day, with call options outnumbering put options by a ratio of 4.4 to 1. This indicates investors' optimism about Bitcoin's growth potential in the near future.

With these factors, it is very likely that Bitcoin will continue to be driven to new highs, but reaching $170,000 still depends on many other external factors such as macroeconomic conditions and political factors.