While Bitcoin (BTC), the largest cryptocurrency by market capitalization, is one step closer to its all-time high of $73,700 reached in March, the US Bitcoin ETF spot market has re-emerged as a key driver of the cryptocurrency’s recent price rally.

Total trading volume for spot Bitcoin ETFs on Tuesday exceeded $3 billion, coinciding with Bitcoin price briefly above the key $73,000 level for the first time in over 7 months.

The Bitcoin ETF market will soon exceed 1 million BTC holdings

Notably, cryptocurrency investor BigRig has seen a remarkable augment in Bitcoin ETF purchases over the past two weeks, reporting Since October 16, $2.673 billion has flowed.

This represents a significant 11.8% of total fund inflows into ETFs during this period, indicating mighty interest from institutional and retail investors. BigRig also pointed out that before Tuesday’s trading volume, the period was the best day for ETF inflows.

Bloomberg ETF analyst Eric Balchunas added to the confident narrative: stating that US spot ETFs are on track to hold 1 million Bitcoin by next Wednesday, surpassing the holdings of Satoshi Nakamoto, Bitcoin’s enigmatic creator, by mid-December, with an average addition of around 17,000 BTC per week.

However, Balchunas also cautioned that market volatility could impact these forecasts. “Anything can happen,” he noted, referring to the possibility of a flash sale that could delay the schedule.

Conversely, if prices continue to rise and political factorssuch as Trump’s potential victory in the upcoming elections will facilitate to augment enthusiasm in the market, the expert believes that this influx of recent investors could accelerate the pace of Bitcoin’s climb to recent highs.

Whale accumulation raises optimism

Despite increased activity on the Bitcoin ETF market, the price of the largest cryptocurrency has recently fallen below its value highest evergoing back to around $72,250 at the time of this writing.

However, there are positive indicators for Bitcoin bulls. The cryptocurrency is consolidating above key support levels, with mighty support near the $66,000 level.

This support has successfully prevented a significant decline over the past week and has contributed to the ongoing rally. However, what would be noteworthy bullish indicator would mean sustained consolidation above the $70,000 level for bulls, which could further demonstrate the strength of the current move.

Market expert Miles Deutscher has been vocal about his bullish outlook for Bitcoin, especially in the final months of the year. He recently he noticed significant trend: whales – huge holders of Bitcoin – are accumulating the cryptocurrency at an “unprecedented rate”.

This observation suggests that institutional demand for Bitcoin is currently outpacing retail interest, which could have implications for massive upward price movements in the near future.

Deutscher on highlighted that Bitcoin exchange reserves have reached an all-time low. This means that the amount of Bitcoin available on exchanges for trading has decreased, signaling a tight supply.

Featured image from DALL-E, chart from TradingView.com