30s Summary

Despite increased interest in Bitcoin from companies and individuals, and a record high value of over $73,600 in March 2024, the cryptocurrency’s price has struggled to surpass the $70,000 mark since July. Data from CryptoQuant reveals a rise in everyday interest, despite a 1.5% price dip to $66,432 on October 23. A growth in Bitcoin ETFs in the US encourages hopes for future price increases, with over 20% owned by large institutions. Despite a brief negative inflow on October 22, expert analyst Rekt Capital suggests ending the week above $66,400 could boost the price.

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Bitcoin’s price is having a hard time picking up the pace even though both big companies and everyday people are showing more interest in this OG cryptocurrency. The appetite for Bitcoin has actually reached the highest it’s been in over half a year. Remember back in March 2024 when Bitcoin’s value reached a record high of above $73,600? That’s what we’re talking about!

The past month has seen a fairly noticeable rise in interest from regular folks, says CryptoQuant, a firm that monitors crypto trends. Despite this increase, Bitcoin’s price dropped slightly by about 1.5% over the past day, sitting at $66,432 at around noon on Oct. 23.

Bitcoin’s buzz is certainly growing amongst both the big players and the smaller fish, but the value has been stuck and not been able to move past the $70,000 mark since late July.

There’s also some interesting news about Bitcoin ETFs in the US. It appears that big institutions own over 20% of these funds, which is sparking some hope for Bitcoin’s price in the future. On top of that, more than 1,000 new institutions started investing in Bitcoin in the 10 months following Bitcoin ETFs hit the market, says CryptoQuant’s boss, Ki Young Ju. Bitcoin may need this continued support from big institutions to reach new record-breaking value.

There’s been a small hiccup with Bitcoin ETFs, as the inflow turned negative on Oct. 22 after a week of positive inflows. But to push Bitcoin’s price up, it needs to end the week above $66,400, says expert crypto analyst Rekt Capital.

On a final note, it seems that Bitcoin might need a continued inflow to ETFs to increase its value. Just a month after launching in the US, Bitcoin ETFs accounted for about 75% of new Bitcoin investments, helping push the price above $50,000.

Source: Cointelegraph