Crypto Week Ahead: Bitcoin Continues Bull Run, ETH Spot ETFs See Record Inflows

Crypto Week Ahead: Over the past seven days, Bitcoin (BTC) price achieved a high of $69,367.12.

BTC dominance, at the time of writing, stood at 57.18 percent.

Source : Traxer/Unsplash

Bitcoin (BTC) has managed to touch a 30-day high of $69,000 early Monday, riding high on record inflows, to the tune of nearly $2 million, in the US Ethereum exchange-traded fund (ETF) market. Overall, Bitcoin has been able to comfortably maintain its dominant run for the second consecutive week. For now, investors are advised to keep a wary eye on pro-Trump developments around the US elections. 

Before we proceed further, readers should note that the overall crypto market and coin prices are extremely volatile. There are no foolproof methods to ascertain how cryptocurrencies are expected to behave in the future. 

This article is aimed at helping investors stay on top of the current market scenarios and the biggest events that have already taken place as well as some upcoming occurrences that are worth noting. Investors are advised to do their research before taking any calls. 

Crypto Prices Over The Past Week

Last Monday (October 14), the overall crypto market cap stood at $2.24 trillion. BTC price stood at around $64,200. ETH price stood at around $2,500.

A week later, the overall market cap rose to $2.24 trillion.

DeFi's total volume stands at $4.78 billion, at 7.03 percent of the total market 24-hour volume. In the case of stablecoins, the overall volume stands at $60.07 billion, at 88.21 percent of the total 24-hour market volume. As per CoinMarketCap, the overall market fear and greed index stood at ‘Greed’ with 63 points (out of 100).

BTC dominance, at the time of writing, stood at 57.18 percent.

Over the past seven days, Bitcoin achieved a high of $69,367.12 (on October 21) and a low of $64,396.59 (October 14).

Ethereum, on the other hand, saw a high of $2,763.81 (October 21) and a low of $2,586 (October 17).

Crypto Events To Note

BlockBeats recently reported that Trader T's data showed a significant $1.91 million net inflow into the US Ethereum spot ETF market. 

This surge was driven entirely by inflows into Bitwise's ETHW fund, with no notable activity recorded by other ETFs.

Furthermore, BlackRock, a global leader in asset management, is said to be stepping up its efforts in the crypto derivatives space. Reports suggest the firm is pushing for its BUIDL token to be utilised as collateral in trades, signalling Wall Street's growing engagement with digital currencies.

Partnering with brokerage firm Securitize, BlackRock is reportedly in discussions with top cryptocurrency platforms such as Binance, Okx, and Deribit. These talks aim to enable the use of the BUIDL token as collateral in crypto derivative transactions, as reported by Bloomberg, which cited unnamed sources.

Lastly, the accessibility of cryptocurrency is expanding across the US as Yesway, a rapidly growing convenience store chain, partners with Coinflip to install digital currency kiosks in 45 new locations. 

These kiosks allow customers to easily buy and sell Bitcoin and other cryptocurrencies in five states, including Texas and Iowa. This move brings more secure and convenient access to digital currency transactions in the Southwest and Midwest.

What Crypto Traders Are Saying About Current Market Scenario

Mudrex co-founder and CEO Edul Patel told ABP Live, "Bitcoin has surged over 10% in the past week, hitting a three-month high, as broader market activity picks up. The recent approval of Bitcoin ETF options is expected to bring even more liquidity into the market, further boosting BTC's price. With the US elections just two weeks away, Bitcoin is on track to hit the $70,000 mark, driven by growing optimism and increased investor participation.”

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Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.