Bitcoin is off to a good start with its short burst a few hours ago. It continues the previous day’s movement that saw it gain almost 3%.
The apex coin started the session at $67,900 and surged the bulls rallied the market. It briefly broke above the $70k barrier but could not sustain momentum at the peak.
BTC is currently trading at $71,100 after it peaked at $71,500. However, the current day may be a repeat of the previous event as the buyer struggles to contain the growing selling congestion. Nonetheless, the most recent surge has a solid base.
Massive Surge in Bitcoin ETF Demand
Data from SoSoValue shows that Bitcoin ETFs are seeing notable increases in demand, resulting in massive inflows. Inflows during the previous intraday exceeded $479 million as US traders went shopping.
An example of such investors is a private university. A private research university in Atlanta called Emory University has joined the increasing number of institutional investors that are supporting Bitcoin. The institution owns more than $15 million in spot Bitcoin exchange-traded funds (ETFs), according to a recent filing with the US Securities and Exchange Commission (SEC).
The latest inflow saw its build-up since the outflows on Friday. It has since registered buying volume exceeding $700 million. Such increases shows a massive increase in bullish sentiment surrounding the market.
Traders are also increasingly positive about the outcome of the forthcoming elections. They are aggressively stocking up the asset in addition to placing bets on Polymarket.
Onchain data shows an ongoing decline in exchange reserves. Other investors who have previously bought are HODLing and are not willing to sell their bags. The exchange netflow is negative as less BTC flows into them. This is the same sentiment as the binary CDD, which shows long-term holders’ movement. It’s at its lowest.
Derivatives are teeming with activity as the bears scramble to keep their positions from liquidation. Funding rates are increasing as they pump in money to keep their positions open. Nonetheless, liquidations over the last 24 hours exceeded $228 million, with short positions accounting for most of it.
