coindesk.com
Many signs are pointing to $BTC hitting $70K in the near future, from technical market data to prediction market betting.
Inflows into the U.S. $BTC ETFs continue to be significant with $458.5 million inflow during the Wednesday trading day.
Bitcoin's ($BTC) demand is returning after being mostly muted since May, with apparent demand spiking to a monthly growth of 177,000 $BTC last week in a move that preceded a 5% rally.
Bitcoin is up 11% on-week, according to CoinDesk Indices data, beating the CoinDesk 20 (CD20), an index of the largest digital assets, which is up 9.6% during the same time period.
That’s the largest reading since late April and has helped push $BTC to a ten-week high price level of over $67,800, analysts at CryptoQuant led by Julio Moreno said in a weekly report.
“An expansion of apparent demand is necessary for bitcoin prices to rally sustainably to a new all-time high. In these cases, apparent demand peaked at 490,000-550,000 $BTC,” Moreno said, indicating more room for prices to grow.
The chart below shows how positive and growing apparent demand preceded the $BTC price rallies to new record highs in 2020-2021 and 2024.
Spot exchange-traded funds (ETFs) in the USA have been net buyers, with positive inflows of an average of almost 9,000 $BTC daily in Q1 2024, helping to drive the price of bitcoin to fresh highs.
Data from SoSoValue shows that the U.S. $BTC ETFs had another significant day of inflows Wednesday, with $458.5 million. Of all the listed products, Blackrock’s IBIT took in the most at $393.4 million.
Other large investors also continue to accumulate bitcoin. The total balance of bitcoin whales - or influential large holders - excluding exchanges and mining pools, has continued to expand yearly, growing to 670,000 $BTC. Moreover, the growth of holdings stands above its 365-day moving average, a positive sign for prices.
The $BTC open interest (OI) weighted perpetual futures funding rate spiked to a multi-month high of over 0.0136% earlier this week - signaling increased volatility ahead as new money entered the market.
Polymarket bettors are giving a 64% that $BTC will hit $70,000 in October, odds that are up 45 percentage points in the last week. They are also giving a 75% chance $BTC will hit a new all-time high in 2024, up 23 percentage points during the same time period.
Elsewhere in crypto, the Dog-themed majors stayed in the green after ($DOGE) surged Wednesday as it was revealed Elon Musk donated $75 million to a Trump-aligned Political Action Committee and continues to promote the Department of Government Efficiency ($DOGE) on X. $DOGE, the crypto, is up 5.8% during the Wednesday Asia trading day, while its Solana-themed rival BONK is up almost 9%.