Over the past four days, bitcoin has rallied 8.8%, resolutely breaking above the psychological $70k mark and topping out at $73,620. The key driving force behind the rally was inflows into spot BTC ETFs, which took in almost $480 mln in one day, as well as the price action breaking out of the long-term trading range.
The top performer over the past two days was BlackRock’s IBIT fund, which reported over $300 mln of inflows. The average daily inflow into bitcoin ETFs over the past month was $257 mln, with total ETF assets currently amounting to $66 bln. Institutional demand significantly exceeds retail demand.
Amid the rally, there was a significant number of liquidations of positions, especially among traders who bet on BTC’s decline. According to CoinClass, 51,256 traders were liquidated over the past 24 hours, with the total amount of liquidations amounting to $182.2 mln.
In light of this factor, bitcoin could soar to a new ATH this week. The uptrend is underpinned by a decline in the ETH/BTC cross pair. Ether remains depressed in the wake of the bitcoin halving event. At this rate, it will soon be knocked out of second place. The external backdrop looks favorable. After making an ATH, the next upside target for bitcoin would be $87k.