Bitcoin Surpasses $70K on Spot ETF Net Inflows

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US BTC Spot ETF Records Net Inflow of KRW 1.2733 Trillion in the Fourth Week of October
Expert "BTC Enters Bull Market as it Displays 'Golden Cross' Graph"

BTC Breaks $70,000 Amid Inflows to BTC Spot ETFs
BTC surged about 3% on the 29th, breaking $70,000 again for the first time since June, buoyed by inflows to BTC spot exchange-traded funds (ETFs) in the US.

The main driver behind BTC's surge is the net inflow to BTC spot ETFs in the fourth week of October.

According to data released by financial data platform Factside Investor on the 28th, BTC spot ETFs in the US recorded a net inflow of about $920 million (approximately KRW 1.2733 trillion) in the fourth week of October, reaching a cumulative net inflow of about $25.4 billion (approximately KRW 35.1561 trillion). Notably, BTC spot ETFs in the US recorded net inflows on all days except one from October 11 to 22.

Another factor behind BTC's rise is the strong approval rating of former President Trump. In most opinion polls, former President Trump, a 'pro-cryptocurrency candidate', is leading Vice President Harris by more than 1%. This has led to widespread predictions of a Trump victory in the US presidential election, which has contributed to BTC's concurrent rise.

Some experts believe that BTC's break above $70,000 signals that it has entered a bull market.

Crypto expert Crypto Rover predicted that BTC would show a remarkable uptrend as it displays a 'golden cross' pattern, where the 50-day moving average (MA) crosses above the 200-day MA.

Reporter Kwon Seung-won ksw@

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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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