Bitcoin crosses $67k to hit 2-month high

itcoin rose as high as $68,000 on Oct. 15 as spot BTC exchange-traded funds attracted the most single-day capital inflows in more than four months.

Bitcoin (BTC) jumped above $67,000, reaching a two-month high, marking its highest price point since late July. Data from crypto.news price pages confirmed that BTC rose to $67,800 and then returned below $66,000 at press time.

The sudden price increase pushed crypto liquidations to over $300 million in the last 24 hours. According to Coinglass, most of these positions were investors waiting for short-term BTC or much lower market prices. Previous short liquidations of more than $145 million indicated that a rally in the market was approaching.

24-hour BTC price chart – October 15 | Source: crypto.news

The recent rise in the US stock market may have contributed to increased investor appetite for BTC, which many perceive as a risk asset. Higher stock prices combined with decreasing Federal Reserve funding rates generally result in greater market liquidity.

The bullish move also translated into better spot Bitcoin ETF demand. Spot BTC ETFs in the US experienced the largest capital inflow in four months, drawing $555.8 million for the first time since June 4.

Despite a rough start to October, Bitcoin performed seasonally well in the fourth and final quarter of the year. The $1.2 trillion in assets has returned an average of more than 22% in the last three months in eight different years.

Bitcoin also experienced a price increase in two previous pre-election cycles, one in 2016 and the other in 2020. BTC doubled and tripled, respectively, and typically began its rise in the weeks before the US presidential election, setting an all-time high early in the first quarter. the following year.

QCP Capital experts predicted that the same situation could happen again, especially with a vocally pro-BTC candidate seemingly leading the race.

Former President Donald Trump has the widest lead over election rival Kamala Harris on Polymarket’s chained predictions platform. While similar data showed a 10% difference over competitors such as Kalshi, the gap increased to over 13.5%.