Bitcoin Surpassed the $71,000 Mark amid Growing Investor Interest
Bitcoin's price has surpassed the $71,000 mark for the first time in a month as investors turn their attention back to spot ETFs.
Bitcoin rose 6% in the last 24 hours to hit $71,785 for the first time since mid-April. This growth is mainly due to the woken interest of investors in spot ETFs. Since the beginning of the week, spot ETFs have seen significant net inflows of $241 million. And during the week, the inflow to crypto funds amounted to almost $1 billion.
These figures were the market's response to expectations of a possible upcoming easing of monetary policy by the Federal Reserve, as last week's fresh inflation data showed a decline.
Bitcoin's growth is driven by whale action. The realized capitalization of new whales continues to rise, indicating that these large investors are actively accumulating funds. Meanwhile, the realized capitalization of the old whales remains stable, which expresses their confidence in Bitcoin.
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Such a noticeable rise in the Bitcoin price has caused liquidations across the entire cryptocurrency market. Over the past 24 hours, 76,821 traders were liquidated, totaling $324.63 million in liquidations. The largest liquidation order was executed on Huobi: ETH-USDT worth $3.11 million.
Indicators on the chart remain bullish. Bitcoin has moved closer to the all-time high that was set in March 2024. Investors are targeting the important levels of $75,000 and $76,000. However, since the price has reached $70,000, investors are also expecting a slight correction before the rally.
