• Bitcoin hit an intraday high of $72,888, approaching its all-time high amid strong inflows into spot Bitcoin ETFs
• Ethereum and Solana surged 7% and 5% respectively, while the total crypto market capitalization rose by 4.5% to $2.57 trillion
• Spot Bitcoin ETFs pulled in $479 million on Monday, pushing inflows over the last three trading days above $1 billion
Bitcoin prices have rallied over the past four days, coming within striking distance of its all-time high. The surge has been fueled by intense demand for spot Bitcoin exchange-traded funds (ETFs).
Bitcoin Price Action
In the last 24 hours, Bitcoin has climbed 6% to $72,800. This pushes the total crypto market capitalization up 4.5% to $2.57 trillion.
Ethereum has also climbed 7%, while Solana and Polkadot have rallied 5% each.
Nearly all of the top 100 digital assets by market cap are in the green, with the exception of Kaspa. Top gainers include layer 1 blockchain Sui and memecoin Popcat, up 25% each.
Popular meme token Dogecoin and its spinoff Dogefather are also up 17%.
Spot ETF Inflows Top $1 Billion
Spot Bitcoin ETFs saw inflows of $479 million on Monday alone. Over the last three trading days, total inflows have exceeded $1 billion.
Traders continue to make bullish bets ahead of next week’s U.S. presidential election.
According to Coinglass, open interest in Bitcoin futures has jumped by over $3 billion in three days, hitting an all-time high of $44.3 billion.
Stocks Also Rally
U.S. stocks have also rallied for two straight days. The S&P 500 climbed 0.2% while the tech-heavy Nasdaq gained 0.9%.
Rising appetite for risk assets like stocks and crypto point to bullish sentiment heading into the election. With Bitcoin tapping its former highs, bulls are hoping it could soon be setting fresh records.
