Bitcoin kicked off the week with a bang, surging past $66,000 on Monday and reaching its highest level in two weeks. The world's largest cryptocurrency by market capitalization gained over 2% within 24 hours, peaking at nearly $66,500. By early Tuesday, BTC had settled around $65,600. A significant factor behind this upward momentum was the substantial inflow of capital into U.S. spot Bitcoin ETFs, marking the largest influx in four months. According to data from Farside Investors, the total inflow reached $555.9 million, with Fidelity's FBTC leading the charge, attracting $239.3 million, followed by Bitwise's BITB, which pulled in over $100 million.
BlackRock CEO's Endorsement Fuels Bitcoin Optimism
Another key driver of Bitcoin’s recent rally came from a statement by BlackRock CEO Larry Fink during the company’s Q3 earnings call. Fink boldly proclaimed that "Bitcoin is an asset class in itself," a remarkable endorsement from one of the world’s largest financial institutions. This recognition is seen as a pivotal moment in Bitcoin's journey toward breaking its all-time high of $73,000. With October historically being a strong month for cryptocurrency—often referred to as "Uptober" by enthusiasts—Fink’s comment has injected fresh optimism into the market.
Favorable Regulatory Developments Support BTC's Rise
In addition to ETF inflows, the regulatory landscape for cryptocurrency appears to be improving. While the SEC continues its legal battle with Ripple, many experts believe the regulatory outlook in the U.S. is set to brighten, particularly after the upcoming November elections. Notably, several prominent Republican figures, including GOP frontrunner Donald Trump, have expressed support for the crypto industry. Trump has even pledged to replace SEC Chair Gary Gensler if elected. Meanwhile, Vice President Kamala Harris has also acknowledged the potential of digital assets, integrating them into her economic strategy alongside Tim Walz.
As "Uptober" progresses and the U.S. elections approach, Bitcoin remains resilient, with many anticipating continued growth in the weeks ahead.
