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Bitcoin Takes a Break After a Strong Week

Bitcoin saw some cooling in price action after an impressive seven-day run, with the cryptocurrency gaining nearly 8% by Tuesday. Early Wednesday, Bitcoin slipped 0.5% before rebounding to just over $72,400. This is after touching a peak of $73,200 earlier in Asia.

Graph displaying recent Bitcoin price trends, highlighting a slight dip after a period of gains.
Source: https://99bitcoins.com/news/whats-going-on-with-bitcoin-etfs-will-btc-break-70k-this-week/

Key tokens across the market mirrored Bitcoin’s pullback. Solana (SOL) was down about 2.5%, while Binance’s BNB fell similarly. Meanwhile, DOGE slipped 1% and ended its recent run of outperformance. CoinDesk 20 – an index of the top market-cap tokens – was down 1.3% in the past 24 hours.

Despite this cooldown, Bitcoin ETFs have continued to attract significant investor interest. On Wednesday, U.S.-based Bitcoin ETFs recorded inflows of over $893 million, marking a second consecutive day of massive inflows following Tuesday’s $879 million. These inflows pushed the cumulative total for U.S. Bitcoin ETFs to $24 billion since their January debut, with BlackRock’s IBIT leading the way, bringing in a record $872 million alone.

Other ETFs saw more moderate inflows, with Bitwise’s BITB being the only fund to experience net outflows, losing $23.9 million. Traders pointed to these inflows as evidence of institutional demand for Bitcoin. This highlights BTC’s growing market dominance over other assets, including Ether.

In options trading, the market showed a positive skew for Bitcoin. That’s a trend that often reflects strong demand for call options. This skew suggests investors are leaning toward bets on further price increases, reinforcing optimism in the asset’s continued growth potential.

October 31, 2024 at 4:44 pm

Updated October 31, 2024 at 4:44 pm

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