Bitcoin holding strong at $67k amid solid ETF inflows

Bitcoin’s rise above $67,000 came amid strong spot exchange-traded fund inflows and increased short liquidations.

Bitcoin (BTC) is up 2% in the last 24 hours and is trading around $67,000 at the time of writing. Yesterday, October 15, the flagship crypto asset surpassed $67,500 and even reached a two-month high, approaching the $68,000 region.

BTC price – October 16 | Source: crypto.news

BTC’s market cap currently stands at $1.32 trillion and its daily trading volume is almost $50 billion. Increasing trading volume indicates increased interest from short-term investors and traders, potentially increasing Bitcoin’s price volatility.

The market-wide increase came as US-based spot BTC ETFs recorded three consecutive trading days of inflows. While these investment products closed last week with 253.6 million dollars, they started this week with a net inflow of 555.9 million dollars, respectively.

Spot BTC ETFs saw net inflows of $371 million on Tuesday, October 15, led by $288.8 million inflows from BlackRock’s IBIT ETF, according to data provided by Farside Investors.

Fidelity’s FBTC, Ark Invest’s ARKB, and Grayscale’s mini BTC Trust provided support with inflows of $35 million, $14.7 million, and $13.4 million, respectively.

According to Farside Investors data, GBTC from Grayscale, HODL from VanEck, BTCW from WisdomTree and BITB from Bitwise also joined the list with entries of $ 8 million, $ 7.6 million, $ 2.8 million and $ 0.7 million.

At this point, spot BTC ETFs have recorded net inflows of $19.8 billion since their launch in January.

US-based spot Ethereum (ETH) ETFs witnessed a net outflow of $12.7 million on mixed demand signals from investors. Grayscale’s ETHE fund recorded an outflow of $15.3 million, while Fidelity’s FETH fund recorded an inflow of $2.6 million.

The remaining ETH investment products remained neutral.

It is important to remember that Bitcoin and altcoin prices are experiencing high volatility due to increased liquidations and short-term profit taking.