Bitcoin Breaks $66K as ETF Inflows and BlackRock Endorsement Fuel Rally

15. Oct 2024 Posted by Laurent C. on News

Bitcoin saw a strong start to the week, surging past $66,000 on Monday, hitting a two-week high. The world's largest cryptocurrency by market cap climbed over 2% in 24 hours, peaking at nearly $66,500. By early Tuesday, BTC settled at around $65,600. A key driver behind this rise was a major influx of capital into U.S. spot Bitcoin ETFs, which experienced their largest inflows in four months. Data from Farside Investors revealed a total of $555.9 million in inflows, with Fidelity's FBTC leading the pack, pulling in $239.3 million. Bitwise's BITB followed, drawing over $100 million in inflows.

BlackRock CEO's Bitcoin Endorsement Sparks Optimism

Another catalyst for Bitcoin's recent rally came from BlackRock CEO Larry Fink, who made a bold statement during BlackRock's Q3 earnings call. Fink declared that "Bitcoin is an asset class in itself," a significant endorsement from one of the largest financial institutions. This statement is considered a major turning point in BTC's journey toward surpassing its all-time high of $73,000. With October historically being a bullish month for crypto, dubbed "Uptober" by enthusiasts, Fink's comment adds fuel to the growing optimism.

Regulatory Tailwinds Strengthen BTC's Climb

In addition to the ETF momentum, the regulatory environment for crypto appears to be shifting in a favorable direction. While the SEC continues its case against Ripple, many analysts see signals that the U.S. regulatory outlook will improve, particularly after the November elections. Prominent Republican figures, including GOP frontrunner Donald Trump, have publicly voiced their support for the crypto sector, with Trump even vowing to remove SEC Chair Gary Gensler if elected. Meanwhile, Vice President Kamala Harris has also acknowledged the potential of digital assets, incorporating them into her economic plan with Tim Walz.

As "Uptober" progresses and the U.S. election draws nearer, Bitcoin is holding strong, with many anticipating further gains in the coming weeks.