- Bitcoin’s price increased by 2.5% in the past 24 hours, reaching $68,415 — its highest level since June 2024.
- U.S.-based spot Bitcoin ETFs surpassed $20 billion in total net flows, boosted by a recent $1.5 billion inflow.
Bitcoin price has surged 2.5% in the past 24 hours, reaching $68,415, a level last seen in June 2024.
Over the past 24 hours, Bitcoin’s trading volume soared by 12% to $35 billion, far outpacing Ethereum’s $15.92 billion.
This recent price movement underscores a renewed interest in the world’s largest cryptocurrency, coinciding with a major milestone for spot Bitcoin exchange-traded funds (ETFs) in the United States.
On October 17, U.S.-based spot Bitcoin ETFs crossed $20 billion in total net flows. This landmark achievement follows a substantial $1.5 billion inflow over the past week, reflecting heightened institutional interest.
Eric Balchunas, Senior ETF Analyst for Bloomberg, highlighted the significance on X: “Bitcoin ETFs have crossed $20b in total net flows (the most imp number, most difficult metric to grow in ETF world) for the first time after a huge week of $1.5b. For context, it took gold ETFs about 5yrs to reach the same number. Total assets now $65b, also a high water mark.”
The rapid rise in net flows signals a deepening institutional engagement with Bitcoin, contrasting with gold ETFs’ slower adoption curve.
The total assets under Bitcoin ETFs have also reached a record high of $65 billion, underscoring a broader acceptance of digital assets among institutional investors.
As institutional investments gain momentum, the political climate in the U.S. is also increasingly shaped by the growing influence of cryptocurrency voters.
Shivam Thakral, CEO of BuyUcoin, emphasized the political significance of this trend: “A recent survey in the US revealed that 26 million US voters are part of a ‘crypto voting bloc,’ with 16% prioritizing pro-crypto policies when choosing candidates.”
The impact of this bloc could become a critical factor in the upcoming 2024 elections. With investors advocating for clear regulations, the future of the crypto industry in the U.S. hinges on political decisions that could either bolster or hinder the sector’s growth.
The convergence of institutional adoption through Bitcoin ETFs and a politically engaged crypto electorate suggests that the next few months could be pivotal for the cryptocurrency market. As Bitcoin reclaims higher price levels and institutional investments swell, the focus now shifts to how regulatory and political dynamics will shape the industry’s trajectory in the U.S.
Read Also: Bitcoin Surges to $67,000 as Institutional Inflows and Policy Signals Bolster Crypto Market
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