Bitcoin Surges To $65K: Whales And Spot ETF Demand Drive Momentum

Bitcoin has officially crossed the $65,000 mark for the first time since August 1, marking a significant milestone in its price recovery.

This surge can be largely attributed to continued accumulation by whales and sharks, who have collectively purchased $4.08 billion in Bitcoin over the past six months, preventing sustained declines in price.

The United States is reclaiming its position as a dominant player in Bitcoin holdings, with its share rising compared to other countries. This increase is fueled by heightened demand for Bitcoin spot exchange-traded funds (ETFs), further solidifying the interest of institutional investors. It’s important to note that only known entities are included in this analysis.

As Bitcoin steadily rises, the number of holders in profit is also climbing. If BTC manages to hold above $65,000, it’s anticipated that over 90% of holders will find themselves in profit— a scenario reminiscent of July when Bitcoin failed to reach new highs after a similar price surge.

Bitcoin Spot ETFs Recorded Net Inflow Of $106 Million 

Recent data shows that Bitcoin spot ETFs recorded a net inflow of $106 million on September 25, continuing a streak of five consecutive days of inflows. Notably, BlackRock’s IBIT ETF attracted $184 million, underscoring the growing institutional interest. Ethereum’s spot ETF also saw significant inflows, with a total of $43.23 million, including $26.63 million coming from Grayscale’s ETF.

With Bitcoin’s resurgence and increasing market interest, all eyes are on whether it can maintain this momentum and break through to new highs, potentially setting the stage for a new bullish phase in the market. Investors remain optimistic as the cryptocurrency landscape continues to evolve.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Source: https://nulltx.com/bitcoin-surges-to-65k-whales-and-spot-etf-demand-drive-momentum/