Although BTC fell on the last day of the month, the streak continues.
Bitcoin touched the all-time high in its price this week.
Bitcoin (BTC), the most relevant digital currency on the market, concluded the month of October with an increase in its price.
According to the CoinGlass datathe price of bitcoin closed the tenth month of 2024 exceeding 10%. This means that, overall, BTC had a good uptober, even though there were pullbacks.
During most of October, bitcoin price remained in positive territoryshowing a predominant green color in the graphics from TradingView. However, the last day of the month brought with it a correction. Although it was not enough to erase the accumulated profits. Bitcoin closed the month slightly above USD 70,000, evidencing the strength of its upward trend.
Compared to the previous year, BTC’s performance in October 2024 was not as spectacular. In 2023, the digital currency ended the month with an increase of 28.52%, according to the same data from CoinGlass. However, this year’s closing, although less bulky, remains significant within the context of market volatility.
This week, bitcoin touched a new all-time highreaching a price of over $73,500, close to its previous record of $73,750. This spike was driven by massive capital inflows into BTC spot exchange-traded funds (ETFs). As reported by CriptoNoticias, ETFs were the driving force behind this rise in the price of bitcoin.
ETFs play a crucial role in the market, allowing investors to access bitcoin without the need to directly handle the currency. This month, BTC ETFs saw net inflows on 16 of the 22 trading days on the stock market, with cases as high as $890 million, according to SosoValue data. Money outflows, on the other hand, have been minimal, with the largest recorded withdrawal being just $120 million.
The influence of ETFs on the price of Bitcoin is mainly due to how these financial instruments attract investment from large institutions and funds. By allowing a more regulated and accessible way to invest in BTC, these ETFs They facilitate the entry of capital into the currency, which, in turn, boosts its value.
This phenomenon is not new, but its magnitude and consistency in October 2024 have been notable. Sustained demand for these ETFs has created a climate of optimism in the marketattracting more investment and, therefore, raising the price of BTC.
Although the market is known for its volatility, the BTC “uptober” in 2024 has been a clear indication of the growing confidence and adoption of this currency, especially through investment vehicles such as spot ETFs. As more investors lean towards these products, the influence on the price of BTC is expected to continue to be significant, maintaining or even increasing its value in the coming months.
