Bitcoin Surges 8% in October Amid Institutional Inflows
- Bitcoin BTC -1.14% climbs over 8% with institutional inflows.
- ETF demand boosts market momentum.
- Potential for new highs in October.
Bitcoin surged over 8% in October, driven by institutional inflows from major players like BlackRock and Citigroup, highlighting increased market interest amid macroeconomic factors, including the U.S. government shutdown.
This surge signals potential new all-time highs for Bitcoin, driven by robust institutional demand, and reflects optimistic market sentiment, influencing broader cryptocurrency trends and investor strategies.
Bitcoin has surged over 8% this October, fueled by institutional inflows and increased ETF demand. Starting the month around $110,000, Bitcoin is now nearing $124,000, influenced by macroeconomic factors. The rally has sparked speculation about new highs.
Institutional investors such as BlackRock and Citigroup are leading the capital flows into Bitcoin.
BlackRock’s ETF saw significant inflows of $446 million on October 2. Citigroup raised its year-end price target, reflecting an optimistic market outlook.
The surge in Bitcoin’s price is generating optimism across financial markets. The cryptocurrency market capitalization rose by $124 billion in three days, driven by strong institutional activity and an increase in trading volume. BTC dominance stands at 55.8%.
There are notable financial implications as institutional activity is propelling Bitcoin demand. Major Bitcoin holders have accumulated over 30,000 BTC in the last 48 hours, signifying renewed whale interest. The broader crypto market is experiencing secondary effects.
Despite BTC gains, Ethereum ETH -2.26% and other altcoins are performing well but remain largely overshadowed by Bitcoin’s market dominance. BNB has reached an all-time high, showcasing the ongoing bull market across cryptocurrencies. Regulatory developments remain central for further momentum.
Historically, October has encouraged bullish trends for Bitcoin, often termed “Uptober.” Technical indicators like Bollinger Band Width compression suggest potential for explosive price movements. Machine learning models predict Bitcoin could reach $127,734 to $135,000 by month-end.
“BlackRock’s ETF saw $446 million in inflows on October 2.” — BlackRock, ETF Provider
