Bitcoin Traders Target $70,000 as ETF Inflows PersistBitcoin traders are once again setting their sights on the $70,000 mark reached in June, even after a broad decline across cryptocurrencies late last week. Meanwhile, funds continue to flow steadily into US exchange-traded funds (ETFs)
Bitcoin Traders Target $70,000 as ETF Inflows Persist
Bitcoin traders are once again setting their sights on the $70,000 mark reached in June, even after a broad decline across cryptocurrencies late last week. Meanwhile, funds continue to flow steadily into US exchange-traded funds (ETFs).
CoinShares reports that digital asset inflows surged to $910 million last week, pushing year-to-date inflows to $27 billion, nearly triple the record high of 2021. Notably, Ethereum, the second-largest digital asset, witnessed outflows of $35 million last week, the largest outflows among all assets.
Despite recent volatility in the crypto market, options traders remain bullish about Bitcoin's future. They have increased bets that Bitcoin will reach $80,000 by November, a record high, regardless of who wins the US election.
These developments suggest that investors remain confident in the long-term prospects of cryptocurrencies, even amid recent market fluctuations. Continued ETF inflows and bullish options trader sentiment indicate that Bitcoin may still have room to climb.
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