Bitcoin's price approaches its all-time high of $73,700, driven by the flourishing US spot Bitcoin ETF market. On Tuesday, ETF trading volume exceeded $3 billion, with Bitcoin surpassing $73,000 for the first time in over seven months.
Investor BigRig noted $2.673 billion in ETF inflows since October 16, representing 11.8% of total inflows, signaling significant institutional and retail interest. Bloomberg analyst Eric Balchunas forecasts that US spot ETFs may hold 1 million Bitcoins next week, though market volatility poses a risk.
Despite a price retreat to $72,250, Bitcoin maintains strong support above $66,000. Analyst Miles Deutscher highlights rapid whale accumulation, indicating heightened institutional demand. With Bitcoin exchange reserves at all-time lows, a potential supply squeeze looms.
Continued consolidation above $70,000 could reinforce the bullish trend, reflecting the strength of the current market move, as political and market factors may further amplify Bitcoin's potential rise.
