Bitcoin (BTC) is experiencing a positive momentum that has pushed it very close to its all-time high of $73,750. The leading crypto asset came a couple of hundred dollars away from crushing that milestone on October 29. However, it recorded a small correction, and is currently trading at $72,200.
While crypto enthusiasts anticipate a new high in the coming days, CryptoQuant analysts have explained the role bitcoin over-the-counter (OTC) availability could play in the asset’s price trajectory in the near term.
Bitcoin Rallies on ETF Demand
According to the CryptoQuant report, bitcoin’s rally is driven by growing net purchases from United States spot exchange-traded funds (ETFs).
These purchases have increased from a daily volume of 1,300 BTC at the start of the month to 5,800 BTC as of October 29. ETFs recorded their largest daily purchase of 7,700 BTC for this month on October 13.
Despite the surge in ETF demand, daily purchase volumes have yet to spike to levels seen in February a
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