Bitcoin Equities, ETF Inflows Surge As Price Moves Above $67,000

Bitcoin BTC/USD could be knocking on the door of $70,000 soon, propelled by positive market sentiment and robust support from ETF inflows and crypto miners, according to Bernstein analysts.

What Happened: Last week alone, Bitcoin ETFs saw $2 billion in new purchases, bringing the total yearly inflows to $20.5 billion and pushing assets under management past the $63 billion mark. This surge in ETF investments is contributing significantly to Bitcoin's spot market demand.

The spike in ETF inflows is tied to growing optimism around a potential Republican victory in the upcoming U.S. presidential election, with Republicans seen as more favorable toward the digital asset space.

Bitcoin-centric miners have outperformed AI-focused stocks in October. Riot Blockchain Inc. RIOT has surged 37%, CleanSpark Inc. CLSK has climbed 43% and Marathon Digital Holdings Inc. MARA gained 21% over the past month.

Also Read: Bitcoin At $68,000 Remains ‘An Uptrending Machine:’ Technical Analyst Expects One Of These Two Scenarios Next

Bernstein analysts also highlighted the performance of Robinhood Markets HOOD, which saw a 10% quarter-over-quarter growth in its active trader base, signaling a "risk-on" sentiment among retail investors. Robinhood's equity revenues rose by about 50% year-over-year, with crypto trading revenues soaring by 160%.

Additionally, meme coins have been drawing new retail investors, with their combined market cap tripling to approximately $66 billion in the last six months. The report also underscored the growing intersection of AI and crypto, such as an AI bot endorsing a token, which drove notable market cap growth.

What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

Read Next: 

• JPMorgan Boss Jamie Dimon Doubts Bitcoin’s 21M Supply Cap Despite 5 Lines In Source Code Imposing The Hard Limit: ‘You Guys All Believe That?’

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