Bitcoin Surges 11% As Institutional Investments Fuel Price Rally

Last week, Bitcoin’s price surged from $62,800 to $69,000, marking an 11% increase and bringing it within 6% of its all-time high of $73,600.

This price movement closely mirrors trends seen in previous Q4 periods of 2012, 2016, and 2024, suggesting a potential seasonal effect driving the recent rally.

Six Most Important Charts for the Upcoming Week#Bitcoin saw its price rise from $62,800 to $69,000 last week, marking an 11% increase.

These are the most important charts to follow 🧵 pic.twitter.com/HCn0MF5zN2

— CryptoQuant.com (@cryptoquant_com) October 21, 2024

While each year had slight variations, Bitcoin consistently showed upward trends during these fourth-quarter periods, hinting that there may be cyclical patterns in play. The latest price rise, however, is largely fueled by institutional investors, with significant inflows into Spot Bitcoin ETFs contributing to the momentum.

Last week, BlackRock made headlines by acquiring 15,950 BTC, worth around $1.08 billion. Importantly, this figure only accounts for BlackRock’s purchases, as other major ETF providers such as Fidelity and Grayscale have also seen considerable inflows.

Bitcoin Liquidation Data And Spot ETFs Market 

Despite the bullish sentiment among institutional players, most Bitcoin futures traders on Binance remain bearish. Data shows that 53.71% of traders are shorting Bitcoin.

Most #Bitcoin futures traders on #Binance remain bearish, with 53.71% of them shorting $BTC. pic.twitter.com/dLmpqepLQX

— Ali (@ali_charts) October 21, 2024

If Bitcoin reaches $69,785, approximately $83.7 million in short positions could be liquidated, potentially fueling even more upward price pressure.

$83.7 million in short positions will be liquidated if #Bitcoin rebounds to $69,785! pic.twitter.com/oyBMTnkjtz

— Ali (@ali_charts) October 22, 2024

Moreover, Bitcoin’s Spot ETF continued its streak of net inflows, registering a total of $294 million on October 21. This marks the seventh consecutive day of positive inflows. BlackRock’s IBIT ETF alone saw an impressive $329 million inflow, reflecting growing investor confidence in Bitcoin’s long-term potential.

On October 21, Bitcoin spot ETF had a total net inflow of $294 million, continuing its net inflow for 7 consecutive days. BlackRock ETF IBIT had an inflow of $329 million. Ethereum spot ETF had a total net outflow of $20.7993 million. https://t.co/59u0BnEqLG pic.twitter.com/v5gUtw4Nz2

— Wu Blockchain (@WuBlockchain) October 22, 2024

As Bitcoin edges closer to its all-time high, market participants are watching closely to see if institutional investments and ETF activity will push the cryptocurrency beyond its previous records.

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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