crypto.news
itcoin rallied to just shy of $68,000 on Oct. 15 as spot $BTC exchange-traded funds attracted the most single-day capital inflows in over four months.
Bitcoin ($BTC) notched a two-month high with its leap above $67,000, marking its highest price point since late July. Data from crypto.news price pages confirmed that $BTC surged to $67,800 before retracing below $66,000 at press time.
The sudden price hike pushed crypto liquidations beyond $300 million in the last 24 hours. According to Coinglass, most of these positions were short-$BTC or traders expecting much lower market prices. More than $145 million in short liquidations earlier suggested a market spike was inbound.
A recent U.S. stock market uptick may have contributed to a stronger investor appetite for $BTC, which many perceive as a risk asset. Higher share prices coupled with reduced Federal Reserve funding rates often result in more market liquidity.
The bullish move also translated into better spot Bitcoin ETF demand. Spot $BTC ETFs in the United States experienced the largest capital inflow in four months, pulling in $555.8 million for the first time since June 4.
Despite a rocky start to October, Bitcoin performs well seasonally during the year’s fourth and final quarter. The $1.2 trillion asset has returned over 22% on average in the last three months in eight different years.
Bitcoin also experienced a price boost in two previous pre-election cycles, once in 2016 and again in 2020. $BTC doubled and tripled, respectively, usually starting its ascent weeks before the U.S. presidential election and setting a new all-time high in early Q1 the following year.
Experts from QCP Capital surmised that the same might happen again, especially with a verbally pro-$BTC candidate seemingly leading the race.
Former President Donald Trump gained his widest lead over electoral rival Kamala Harris on Polymarket’s on-chain prediction platform. The gap stretched to over 13.5%, while similar data showed a 10% difference on competitors like Kalshi.