Bitcoin Surge Towards $70,000 Mark Sparks Record ETF Inflows Despite Ethereum Outflows

On October 29, COINOTAG reported that Bitcoin traders are once again targeting the significant $70,000 mark, which was last reached in June. This renewed interest follows a notable decline across various cryptocurrencies late last Friday. Notably, there has been a robust influx of capital into U.S. exchange-traded funds (ETFs). According to CoinShares, the total funds invested in digital assets surged to $910 million just last week, elevating the year-to-date inflow to an impressive $27 billion, nearly tripling the record set in 2021. Interestingly, Ethereum experienced the largest outflow, with $35 million withdrawn last week. Meanwhile, options traders are amplifying their positions, suggesting bullish sentiment with predictions of Bitcoin potentially hitting an all-time high of $80,000 by the close of November, regardless of the outcome of the upcoming U.S. elections.