Bitcoin maintains $72,000 range on US ETF demand... Further gains require OTC volume reduction

On the 29th (local time), a large amount of money flowed into a U.S. Bitcoin exchange-traded fund (ETF), appearing to support demand.
At 7 a.m. on the 31st, Bitcoin was announced on CoinMarketCap, a global coin market relay site.
The price of Bitcoin rose 0.11% from 24 hours ago to $72,357 (approximately 11.09 million yen). According to Hwasaido Investors, on the 29th (local time), the US Bitcoin spot exchange E
The fund saw net inflows of $870 million in total, the third-largest on record. Eric Balchunas, senior ETF analyst at Bloomberg, said:
Eric Balchunas announced through X (formerly Twitter) that as of October 29th (local time), the assets under management of BlackRock's Bitcoin spot ETF "IBIT" have increased by 1.
It surpassed the $30 billion mark just 293 days after its launch. This is a new record for the fastest ETF to reach $30 billion in history."
However, for Bitcoin to gain further in the current cycle, over-the-counter (OTC) volumes will need to grow.
On the 30th (local time), CoinDesk cited data from CryptoQuant and said, "There are more than 416,000 BTC (
"This is a significant increase from the first quarter's average of 200,000 BTC. If over-the-counter trading volume increases, Bitcoin spot exchanges will be able to trade at a faster pace," he said.
"F can also buy up Bitcoin without affecting the spot price," he explained. In order for the price of Bitcoin in the spot exchange to rise, in addition to over-the-counter trading, other methods such as purchasing on the exchange are also necessary.
This means you have to buy Bitcoin in the normal way.