Bitcoin, 'Breakfast' Rising... Only $160 Until New High Price

BTC recorded $73,544 at 4 am on the 30th
"BTC holders, once 100% profitable"
Experts "BTC new high record, will soon occur"

BTC, which surged on the 29th, recorded $73,544 around 4 am on the 30th, just a step away from breaking the previous high of $73,700 recorded in March this year.

The reason for the sharp rise in BTC is attributed to the popularity of BTC spot exchange-traded funds (ETFs) in the US and the anticipation surrounding the upcoming US presidential election.

According to data released by the financial data platform Pasaite Investor on the 30th, BTC spot ETFs in the US recorded net inflows every day from the 11th to the 22nd of this month, except for one day. In particular, the net inflow of US BTC spot ETFs recorded in the past week was $2.67 billion (about 36.926 trillion won), and the cumulative net inflow reached about $26 billion (about 35.958 trillion won).

With the US presidential election just a week away, the leading candidates have expressed their support for BTC and the cryptocurrency market. The expectation that the new US administration will actively foster the cryptocurrency market, reflecting the candidates' support for cryptocurrencies, is driving the upward trend in the cryptocurrency market.

The short-term short positions in the futures market that occurred during the sharp rise in BTC are also analyzed to have contributed to the further rise in BTC. The cryptocurrency media Crypto Potato reported that about $100 million (about 138.5 billion won) worth of short positions were created in the BTC futures market on the 30th when BTC surged. The remaining short positions in the futures market were found to be about $110 million.

On the 30th, it was revealed that 100% of the BTC wallets were in profit during the sharp rise in BTC. The on-chain analysis platform IntoTheBlock reported in a report released on the 30th that all 53.94 million BTC wallets had turned profitable.

Based on the recent sharp rise in BTC, many experts believe that a new high for BTC is imminent. The interpretation is that the sharp rise in BTC is not normal, and there is still a lot of room for the market to heat up substantially.

Famous cryptocurrency analyst Vanderpop explained, "As the US unemployment benefit claims data to be released this week is expected to show a favorable unemployment rate, BTC is expected to break the new high."

Reporter Kwon Seung-won ksw@blockstreet.co.kr