Coin World News Report:
Source: Crypto Ayao
On Tuesday, the leading cryptocurrency Bitcoin reached $71,500, the highest level since early June. This flagship cryptocurrency has risen by about 12% this month, living up to its name “Uptober”.
According to data from cryptocurrency analytics company CryptoQuant, the current upward trend is led by whales on the Binance exchange, who are continuously receiving inflows of capital from the United States.
Data from Lookonchain shows that earlier this week, a whale withdrew nearly $40 million worth of Bitcoin from the Binance exchange.
Bitcoin ETF sees significant inflow
According to data provided by Farside Investors, the inflow of funds into Bitcoin exchange-traded funds (ETFs) on Monday reached $479 million. It is not surprising that BlackRock’s iShares Bitcoin ETF injected $315 million of new funds within a day.
This marks the fifth consecutive day of inflows into Bitcoin ETFs. In the past 12 trading days, nearly $4 billion has flowed into these funds. ETF analyst Neta Geraci pointed out that less than 10% of the total assets in existing ETFs have reached $4 billion.
On Monday, the daily inflow of these products reached its highest level since October 14.
Gold hits new high
Meanwhile, the price of gold recently reached a new high of around $2,760. However, Peter Schiff, a competitor of Bitcoin, admits that gold’s recent upward trend will not attract much attention compared to the flagship cryptocurrency.
It is worth noting that the search volume for the term “Bitcoin” on Google has started to increase, but it is still relatively low compared to the previous bull market.