U.Today – Samson Mow, maximalist and CEO of JAN3 focused on helping nation-states adopt BTC, commented on today’s rise in BTC price above the $73,000 level.
He gave a key reason why Bitcoin will likely continue to rise, and he believes it will likely do so in an aggressive manner.
Bitcoin candles “Godzilla, then Omega”.
Mow said he expects Bitcoin’s next inevitable upward moves to be “extremely violent” and ultimately lead first to the appearance of Godzilla and then to the Omega Bitcoin candle.
These are candles that will show extremely huge growth, Mow believes, and will eventually take Bitcoin above the $1 million level. The key reason why BTC needs to skyrocket and cause huge green candles to appear is because “Bitcoin has been rolled up so much,” says JAN3 CEO Mow.
Over the past 24 hours, the world’s flagship cryptocurrency, Bitcoin, has shown a rapid price rally, rising 4.7% from $69,900 to briefly touch the $73,200 line. Today, the price reversed, showing investors a 1.65% decline, pushing BTC to $71,980. Despite this, the last time Bitcoin was seen above $70,000 was in June this year.
According to Quantum (NASDAQ:) Capital Partners, the key reasons for this sudden augment were “strong inflows into Bitcoin ETFs” and “new cycles of monetary easing in major economies.” Another large reason is a key modern twist in the upcoming November U.S. elections. Many Bitcoiners are particularly looking forward to the outcome of this event.
Bitcoin ETFs are seeing gigantic daily inflows
According to data shared by Chinese cryptocurrency journalist and blogger Colin Wu, total daily inflows into spot Bitcoin ETFs surged to a staggering $870 million on October 29, with BlackRock’s IBIT leading the pack with $643 million and Fidelity’s FBTC at $136. millions of dollars. IN.
Currently, Bitcoin ETFs hold a total of $72.545 billion, which is 5.07% of the total Bitcoin market value. This is a modern all-time high for these ETFs.
Yesterday, Wu says, was the third-largest daily inflow into Bitcoin ETFs ever. The highest secondary inflow was recorded on March 12 and amounted to $1.05 billion. The second largest took place on June 4, and ETF funds absorbed as much as $887 million.
