Bitcoin’s price remains stubbornly below the $67,000 mark despite significant interest from both retail and institutional investors. As of October 23, 2024, Bitcoin is trading at $66,432, reflecting a slight decrease of 1.5% over the past 24 hours.
Data from onchain intelligence firm CryptoQuant highlights a substantial increase in retail interest. Retail demand for Bitcoin grew by about 13% in the last 30 days, reaching levels not seen since March 2024 when Bitcoin reached a new all-time high of over $73,600.
Despite this spike in interest, Bitcoin has struggled to sustain momentum above the $70,000 threshold, a psychological barrier that it last touched on July 29.
Institutional Engagement in Bitcoin
The involvement of institutions in the Bitcoin market, particularly through U.S.-based spot Bitcoin Exchange-Traded Funds (ETFs), is also notable. According to Ki Young Ju, CEO of CryptoQuant, about 20% of U.S Bitcoin ETFs are held by institutions, equivalent to 193,000 BTC as reported in Form 13F filings to the U.S. Securities and Exchange Commission as of October 18.
The following table outlines the key statistics reflecting the current state of Bitcoin in terms of institutional and retail involvement:
| Indicator | Detail |
|---|---|
| Retail Demand Growth (Last 30 Days) | 13% Increase |
| Current Bitcoin Price | $66,432 |
| Last Psychological Barrier Date | July 29, 2024 |
| Institutional Ownership in U.S. ETFs | 20% |
| Number of Institutions Investing | More than 1,179 in the past 10 months |
The Impact of ETF Inflows and Market Movements
Recent trends in ETF inflows have shown variability, with Bitcoin ETFs seeing negative inflows on October 22 after a week of net positive contributions. These inflows and outflows are critical for Bitcoin’s price dynamics, considering the considerable capital that institutions can bring to the crypto markets.
Crypto analyst Rekt Capital notes that for Bitcoin to achieve a bullish breakout, it needs to close the week above $66,400—a crucial resistance level that, if surpassed, could confirm a bullish trend.
The ongoing adoption of Bitcoin ETFs is expected to significantly impact Bitcoin’s price trajectory. In the first month following their introduction, U.S. BTC ETFs accounted for approximately 75% of new Bitcoin investments, pushing the price above $50,000.
The intersection of growing retail demand, cautious but increasing institutional investment, and the inflow dynamics of ETFs are all pivotal in shaping Bitcoin’s price trajectory. As both retail and institutional interest continues to mount, the cryptocurrency’s market movements remain a focal point for both speculation and strategic investment.
