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Crypto

Bitcoin Approaches All-Time High Amid Record ETF Inflows

Bitcoin Approaches All-Time High Amid Record ETF Inflows
  • PublishedNovember 5, 2024

Bitcoin’s price is nearing a new all-time high, trading around $72,000. This rise is largely driven by inflows into Bitcoin ETFs, with the ETFs holding over one million BTC​

CoinMarketCapCrypto.com.

The growth signals robust institutional interest, reducing Bitcoin’s available exchange supply. Bitcoin’s dominance in the crypto market reached levels last seen in 2021, suggesting a shift in investor focus towards established assets. Analysts attribute the price momentum to institutional demand and evolving yield opportunities in the ecosystem. As more holders move BTC into yield-generating protocols, a supply squeeze effect is emerging, adding upward price pressure. The market now anticipates a potential breakout, especially as technical indicators align with strong macro trends.

Written By
Liam Drake

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