Bitcoin surged to $71,500 on Tuesday, reaching its highest point since early June and climbing around 12% this month, making “Uptober” true to its name.
Crypto analytics platform CryptoQuant attributes the rally to significant whale activity on Binance, which has seen steady inflows of U.S. capital. Lookonchain reports that one whale withdrew nearly $40 million worth of Bitcoin from Binance earlier this Friday.
Bitcoin ETFs are also seeing massive inflows, with data from Farside Investors revealing that Monday alone brought in $479 million. BlackRock’s IBIT ETF led the way, securing $315 million in new funds in a single day.
This marks the fifth straight day of inflows for Bitcoin ETFs, amassing nearly $4 billion over the last 12 trading days—a remarkable milestone, considering fewer than 10% of all ETFs hold assets at this level, as noted by analyst Neta Geraci.
Meanwhile, gold prices have hit a new peak at roughly $2,760. However, prominent Bitcoin critic Peter Schiff acknowledged that Bitcoin will likely outshine the yellow metal in investor attention. Although Google searches for “Bitcoin” are rising, they remain low compared to previous bull markets.
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