Bitcoin Demand Surges in Bullish Catalyst That May Drive BTC Price to $70K
Bitcoin's demand has surged, with a monthly growth of 177,000 BTC last week, leading to an 11% increase in price, reaching over $67,800. This growth is the largest since late April and indicates potential for further price increases if demand continues to rise. Spot ETFs in the U.S. have been significant net buyers, averaging nearly 9,000 BTC daily in Q1 2024, contributing to price gains. Recent inflows included $458.5 million, with Blackrock’s IBIT attracting $393.4 million. Bitcoin whale holdings have increased to 670,000 BTC, above the 365-day moving average. The BTC open interest funding rate has reached a multi-month high, suggesting increased market volatility. Polymarket bettors estimate a 64% chance BTC will hit $70,000 in October and a 75% chance of a new all-time high in 2024. In other crypto news, DOGE rose 5.8% following Elon Musk's $75 million donation to a political committee.
