Bitcoin Rides the Wave: Breaking $69k, Holding $67k – What’s the Secret?
Bitcoin just broke the $69,000 mark and then gave the market a little nudge back to the $67,000 zone. That’s the highest level since late July, and folks in the crypto community are buzzing like a swarm of bees. Who’s behind this surge? Let’s dive into the juicy details!
1⃣ Crypto Flows – Dollar Rain Drains
- Last week, crypto funds dialed in a whopping $2.2 billion of new cash – the biggest one since July 2024.
- Bitcoin was the star of the show, parking most of that money into US spot ETFs.
- Yesterday alone, $294 million flowed into these funds per SoSo Value.
2⃣ Trump’s Comeback?
With only two weeks left to the U.S. presidential showdown, the crypto world is leaning on politics for a stir. Polymarket has a 63% odds that Trump will win – a figure that’s been fueling a surge in Trump bets. These bets aren’t just about politics; they’re about perceived regulatory vibes and how a Trump presidency could shake up crypto.
However, FiveThirtyEight says Harris is close behind with 48.2% of the votes versus Trump’s 46.4%. This split leaves crypto traders on edge, with odds fluctuating as the election draws near.
3⃣ Futures – The Tension Elevator
- Bitcoin futures’ open interest popped back up to a record $40 billion on the CME.
- Despite the price slide, the liquidation of long positions was a mere $28 million.
- Remember, $12.5 billion of that interest sits on the CME – the Golden Gate of institutional money.
- On the downside: the long/short ratio slammed from 1.04 to 0.94, hinting at an increasing bearish mood.
4⃣ The Takeaway: Keep Your Eyes on Trump and Futures…
Bitcoin’s rally is a mix of high‑volatility cash flows, political anticipation, and institutional confidence. If the White House ends up with a Trump or a Harris, the regulatory tailwinds could tilt the market – calling for a “buy or hold” approach.
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