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Bitcoin surged to a nearly two-month high on October 15, nearing $68,000 as a result of significant capital inflows into spot Bitcoin exchange-traded funds (ETFs). This rally saw Bitcoin (BTC) briefly hitting $67,800 before retracing slightly to below $66,000 at the time of writing. The price spike led to over $300 million in liquidations in the past 24 hours, with most of the liquidated positions being short-BTC trades, reflecting the unexpected market movement. According to Coinglass data, over $145 million of these liquidations were short positions, signaling a surprise surge in Bitcoin’s price.
The rally in Bitcoin’s price is partly attributed to a recent uptick in the U.S. stock market, which has improved investor sentiment towards risk assets like Bitcoin. Additionally, the combination of higher stock prices and reduced Federal Reserve funding rates has increased market liquidity, further fueling demand for BTC.
The increase in Bitcoin’s price has also boosted demand for spot Bitcoin ETFs, which experienced their largest capital inflows in four months, totaling $555.8 million. This marked the first substantial inflow since June 4, showing renewed investor interest in Bitcoin and its potential as an asset class.
Historically, Bitcoin has performed well in the fourth quarter, with the asset returning an average of over 22% in the last three months across eight different years. This seasonal strength has been observed particularly during pre-election cycles, such as in 2016 and 2020, when Bitcoin experienced substantial price increases ahead of the U.S. presidential elections. Experts from QCP Capital suggest that this trend could repeat in 2024, especially considering that a verbally pro-Bitcoin candidate, former President Donald Trump, currently holds a lead over his electoral rival Kamala Harris according to prediction platforms like Polymarket and Kalshi.
This combination of strong seasonal trends, increasing ETF demand, and broader market liquidity suggests that Bitcoin’s upward momentum could continue as it heads into the final quarter of the year, with potential bullish catalysts linked to political and macroeconomic developments.
