Bitcoin Rises in Price

🔘In the past two days, Bitcoin has surged nearly 5.7% and confidently surpassed the $70,000 mark. The coin reached $72,100, its highest level since June of this year. The main factor behind this growth has been a steady influx of funds into spot Bitcoin ETFs.

🔘Industry funds attracted nearly $480 million from investors, with BlackRock’s IBIT fund leading the way, bringing in over $300 million. Institutional demand is twice as high as retail demand. Open interest in Bitcoin increased by $2 billion, with the total amount of open investments reaching an all-time high of $22.7 billion.

🔘Alongside Bitcoin’s price increase, a large-scale liquidation of trading positions occurred. Many experts believe Bitcoin could surpass its ATH (all-time high) in the near future.