Key Points
- Bitcoin ETFs in the US continued their inflow streak at over $479 million on October 28.
- BTC is currently trading above $71,000.
Bitcoin’s price recorded a notable rally today, surpassing the important level of $71,000. By surging almost 9% in the past month, BTC proved that Uptober is still on the table, racing towards its previous ATH above $73,000 recorded in March.
At the moment of writing this article, BTC is trading above $71,000, up by almost 5% today, after earlier reaching $71,450.
Bitcoin kicked off the last week of October with bullish moves, ahead of the US elections scheduled for November 5. This is an important macro week filled with events that could still influence the trajectory of BTC’s price.
Bitcoin’s recent rally is catalyzed by multiple factors, including increasing demand in custodial wallets.
Bitcoin Demand in Custodial Wallets is Rising
According to CryptoQuant’s founder and CEO, Ki Young Ju, Bitcoin is seeing increased institutional demand in custodial wallets.
In a post on X, he detailed that over the past year, 278,000 BTC flowed into the US BTC ETFs, representing 80% retail, and 670,000 BTC went into whale wallets. He noted that whale wallets are the ones with at least 1,000 BTC coins, excluding exchanges and minting pools.
In custodial wallets, institutional demand is twice the one of retail.
Speaking of BTC ETFs in the US, the crypto products continued their inflow streak with notable influxes.
BTC ETFs Inflows on October 28
Yesterday, the US Bitcoin ETFs recorded over $479 million in inflows as follows:
- BlackRock’s Bitcoin ETF, IBIT, recorded over $315 million in inflows.
- Ark Invest and 21 Shares’ Bitcoin ETF, ARKB, recorded almost $60 million in inflows.
- Fidelity’s Bitcoin ETF, FBTC, saw over $44 million in inflows.
- Bitwise’s Bitcoin ETF, BITB, recorded over $38 million in inflows.
- Grayscale’s Bitcoin ETF, BTC, saw over $21 million in inflows.
The other Bitcoin ETFs did not record any outflows or inflows yesterday.
According to official data from SoSoValue, the total net assets locked in BTC ETFs as of October 28 were over $68.4 billion, while the cumulative total flows in the crypto products surpassed $22.4 billion.
Since October 11, BTC ETFs have recorded constant inflows, with the only exception being October 22, when the crypto products recorded $79 in outflows. The most significant inflow day was October 14, when the BTC ETFs saw almost $556 million in inflows.
Other BTC Price Catalysts
Bitcoin’s recent price rally is catalyzed by multiple other factors, including the upcoming US elections and potential results, increasing adoption and interest, notable crypto-related events, potential upcoming rate cuts by the US Fed, and the current state of the US economy.
As previously noted, BTC could also be already pricing in a potential Trump win for the US Presidency. According to Polymarket data, his winning odds are not at 66.3%, fueled by the weekend NYC rally and the important Joe Rogan interview.
Important names including RFK, Elon Musk, and Tucker Carlson attended Trump’s rally last Sunday at Madison Square Garden.
