Bitcoin Blasts Past $71K Amid Surging ETF Inflows As Bitfinex Sees 'Perfect Storm' Powering BTC To New All-Time High

Bitcoin Blasts Past $71K Amid Surging ETF Inflows As Bitfinex Sees ‘Perfect Storm’ Powering BTC To New All-Time High

Updated: 29 October 2024

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Bitcoin surged past $71,000 as inflows into BTC ETFs (exchange-traded funds) skyrocketed, with rising optimism surrounding Donald Trump’s potential victory in next month’s election fueling speculation that the leading cryptocurrency could reach a new all-time high.

Analysts at Bitfinex called market conditions a “perfect storm” for Bitcoin, highlighting a confluence of factors that may drive prices higher.

“The market is showing signs of positioning for a post-election surge, potentially propelling Bitcoin towards—and beyond—its all-time high of $73,666,” Bitfinex said in an Oct. 28 note.

Among positive factors that’s buoying sentiment is rising hopes that Trump will retake the White House, and bring a more favorable regulatory environment for the crypto industry.

The Bitcoin price traded up 4.2% at $71,101 as of 05:06 a.m. EST, according to CoinGecko.

Boom! #Bitcoin smashes through $71K! 💥 October’s $3B ETF boost is fueling this rocket, and could Wall Street’s appetite finally push $BTC to $75K? 🤑

US investors are on a BTC-buying spree, ‘Greed’ mode fully activated! 🍿 Hold on, it’s getting real! 🚀 #BTCDOMINANCE #Crypto pic.twitter.com/WCREnrCyed

— Cryptogeek (@the_Cryptogeek) October 29, 2024

The 11 spot BTC ETFs in the US recorded net inflows of more than $920 million in the week ending Oct. 25, and more than $2.1 billion the week previously.

So far this year, inflows into Bitcoin ETFs have reached $22.4 billion.

Bitfinex Sees ‘Perfect Storm’ for Bitcoin

With ETF inflows showing no signs of slowing down and a “perfect storm” of positive sentiment and macroeconomic factors at play, Bitfinex says BTC is well-positioned for a potential move toward a new all-time high.

“The convergence of election uncertainty, the ‘Trump trade’ narrative, and favorable Q4 seasonality create a perfect storm for BTC, promising an exciting period ahead regardless of noisy price movements heading into the election,” it said.

In his latest blog post, BitMEX co-founder Arthur Hayes added that China’s economic stimulus measures will inject trillions of dollars into financial markets, helping drive up crypto prices.