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- Bitcoin stops short of all-time high 🛑
Bitcoin stops short of all-time high 🛑
Bitcoin was just $175 shy of hitting a new all-time high Tuesday, as Bitcoin ETFs saw a staggering $870 million worth of inflows amid institutional FOMO.
Stephen Graves
October 30, 2024
📝 What you need to know
Bitcoin’s Tuesday price surge stopped just short of setting a new all-time high Tuesday, as money poured into Bitcoin ETFs.
The price of Bitcoin surged past $73,000 to just $175 shy of its previous all-time high of $73,737 set in March. But even as the tide receded, Bitcoin ETFs saw a staggering $870 million worth of inflows as trading volumes for the investment products hit their highest level in six months.
Analysts attributed Tuesday’s big uptick in ETF volume to institutional FOMO—and institutions are certainly sniffing around crypto. That same day, Florida’s Chief Financial Officer sent a request to the State Board of Administration to evaluate the possibility of investing some of the Sunshine State’s retirement funds in crypto.
💬 Quote of the Day
“Bitcoin appears to have entered an acceleration phase, aligning with expectations around the presidential election and other favorable catalysts.”
