Bitcoin crosses $67k to hit 2-month high
Bitcoin rallied to just shy of $68,000 on Oct. 15 as spot BTC exchange-traded funds attracted the most single-day capital inflows in over four months.
Bitcoin (BTC) notched a two-month high with its leap above $67,000, marking its highest price point since late July. Data from crypto.news price pages confirmed that BTC surged to $67,800 before retracing below $66,000 at press time.
The sudden price hike pushed crypto liquidations beyond $300 million in the last 24 hours. According to Coinglass, most of these positions were short-BTC or traders expecting much lower market prices. More than $145 million in short liquidations earlier suggested a market spike was inbound.
A recent U.S. stock market uptick may have contributed to a stronger investor appetite for BTC, which many perceive as a risk asset. Higher share prices coupled with reduced Federal Reserve funding rates often result in more market liquidity.
The bullish move also translated into better spot Bitcoin ETF demand. Spot BTC ETFs in the United States experienced the largest capital inflow in four months, pulling in $555.8 million for the first time since June 4.
Despite a rocky start to October, Bitcoin performs well seasonally during the year’s fourth and final quarter. The $1.2 trillion asset has returned over 22% on average in the last three months in eight different years.
Bitcoin also experienced a price boost in two previous pre-election cycles, once in 2016 and again in 2020. BTC doubled and tripled, respectively, usually starting its ascent weeks before the U.S. presidential election and setting a new all-time high in early Q1 the following year.
Experts from QCP Capital surmised that the same might happen again, especially with a verbally pro-BTC candidate seemingly leading the race.
Former President Donald Trump gained his widest lead over electoral rival Kamala Harris on Polymarket’s on-chain prediction platform. The gap stretched to over 13.5%, while similar data showed a 10% difference on competitors like Kalshi.
