Despite record flows from Europe, Bitcoin remains below the psychological level of $70,000.
European Investments in Bitcoin ETFs
In 2024, European investors injected more than 105 billion dollars in Bitcoin ETFs in the United States, marking a new all-time high. This influx of capital accounted for about the 75% Of the new capital that helped Bitcoin surpass the threshold of 50,000 last February. However, despite these significant investments, the price of Bitcoin has failed to recover the psychological level of 70,000 from July 29, 2024.
Flows and performance of ETFs
Bitcoin ETFs recorded six consecutive days of positive net inflows, with cumulative buying of $555 million the October 14, leading to a daily increase of 5% in the price of Bitcoin. Currently, Bitcoin ETFs hold more than 66.3 billion dollars in Bitcoin onchain, which represent the 4,9% Of the current circulating supply. This increase in network security is further evidenced by the fact that the Bitcoin hashrate reached an all-time high.
Why doesn't bitcoin rise above $70,000?
Despite record flows and increased network security, the question remains: why can't Bitcoin get past the level of 70,000? There are several factors to consider, including market volatility, regulatory uncertainties, and global macroeconomic dynamics. Investors are wondering whether the market can sustain a significant rally or whether there are countervailing forces preventing Bitcoin from reaching new highs.
Conclusions and future prospects
The current situation presents a mix of opportunities and challenges. European investors continue to show strong interest in Bitcoin ETFs, but the lack of a recovery above the 70,000 raises questions about the future direction of the market. It will be interesting to watch how market dynamics evolve in the coming months and whether Bitcoin will be able to overcome this psychological barrier. Investors should remain informed and ready to react to any changes in the cryptocurrency landscape.
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