Bitcoin’s demand has been on the rise, with many indicators suggesting that BTC could hit $70,000 soon. From technical market data to prediction market betting, there are several factors at play. Inflows into U.S. BTC ETFs have been significant, with $458.5 million coming in during a single trading day. This surge in demand has led to a monthly growth of 177,000 BTC, signaling a potential rally in prices.
According to CoinDesk Indices data, Bitcoin is up 11% on-week, outperforming the CoinDesk 20 (CD20) index of the largest digital assets. This growth has pushed BTC to a ten-week high of over $67,800. Analysts at CryptoQuant believe that an expansion of apparent demand is crucial for sustainable price rallies, with the potential for BTC prices to reach new all-time highs.
Spot exchange-traded funds (ETFs) in the USA have been net buyers, contributing to the price increase of bitcoin. Data from SoSoValue shows that U.S. BTC ETFs saw significant inflows on Wednesday, with $458.5 million coming in. Large investors, including bitcoin whales, have also been accumulating BTC, adding to the positive sentiment in the market.
The BTC open interest (OI) weighted perpetual futures funding rate has spiked to a multi-month high, indicating increased volatility ahead. Polymarket bettors are optimistic about BTC’s future, giving a 64% chance that it will hit $70,000 in October and a 75% chance of reaching a new all-time high in 2024.
In other crypto news, Dog-themed majors like DOGE and BONK have seen gains, with DOGE surging after Elon Musk’s donation to a Trump-aligned Political Action Committee. DOGE is up 5.8% during the Wednesday Asia trading day, while BONK has seen a nearly 9% increase.
Overall, the outlook for Bitcoin remains positive, with growing demand and investor interest driving prices higher. As the market continues to evolve, BTC could be on track to reach new milestones in the near future.