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Bitcoin’s price remains below $70,000, despite successes for Bitcoin ETFs, which reached $20 billion in net inflows in just ten months. Analysts suggest the slow price movement could be due to delays in ETF cash impact and traders offloading their trades. Some believe that the influx of ETF cash could help Bitcoin reach new records. The effect of ETFs on Bitcoin’s price isn’t always immediate, even with significant Bitcoin inflow. However, the start of the week saw Bitcoin surpass the $69,000 mark, hinting at a potential rally, and the recent approval of the first Bitcoin ETF options in the U.S. could further boost its price.

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Bitcoin’s price is still stuck below $70,000, even after some major wins for Bitcoin exchange-traded funds (ETFs) last week.

On October 17, U.S. Bitcoin ETFs hit $20 billion in total net flows, which is a huge accomplishment only 10 months after their launch. For some perspective, it took gold ETFs almost five years to achieve the same.

Bitcoin’s price topped at $69,487 on October 21, its highest in nearly three months. However, the price slipped back to $68,570 as of 8:25 am UTC, according to data from Cointelegraph.

The slow price movement might be due to the delayed impact of ETF cash coming in, which often takes a few days to affect Bitcoin’s spot price, say market analysts from Bitfinex. They also suggest that lots of traders are using the inflow of ETF cash as an opportunity to offload their trades, which may be causing the price to stagnate.

Monetary influx from ETFs has the potential to help Bitcoin reach new record prices. By February 15, just a month after their introduction, U.S. Bitcoin ETFs made up about 75% of total new investment in Bitcoin, which was trading over $50,000 at the time.

Bitcoin ETFs haven’t necessarily made an instant impact on Bitcoin’s price, according to Bitfinex analysts. Even when there’s been over half a billion dollars’ worth of Bitcoin flowing in, the price sometimes doesn’t budge for several days.

One example is seen in BlackRock’s iShares Bitcoin Trust ETF, which gathered over $1.17 billion worth of Bitcoin in the past week.

In better news, Bitcoin managed to start the new week in the green, closing over the $69,000 mark. This is a positive sign that Bitcoin could be in for a rally, potentially surpassing $71,000 for the first time since June 2024, according to crypto analyst Rekt Capital.

The launch of the first Bitcoin ETF options in the U.S., which got a green light from the Securities and Exchange Commission on October 18, could also help trigger a boost in Bitcoin’s price. Only time will tell, so stay tuned!

Source: Cointelegraph