{"id":51874,"date":"2024-10-24T01:59:00","date_gmt":"2024-10-24T01:59:00","guid":{"rendered":"https:\/\/cointelegraph.com\/news\/bitcoin-price-stuck-under-67k-rising-retail-institutional-demand"},"modified":"2024-10-24T04:40:13","modified_gmt":"2024-10-24T04:40:13","slug":"bitcoin-stuck-under-67k-despite-rising-demand-from-retail-institutions","status":"publish","type":"post","link":"https:\/\/emilynews.com\/blog\/?p=51874","title":{"rendered":"Bitcoin stuck under $67K despite rising demand from retail, institutions"},"content":{"rendered":"

Update Oct. 23 at 1:33 pm UTC: This article has been updated to include quotes from the chief operating officer of Bitget<\/p>\n

The Bitcoin price is struggling to gain momentum despite growing institutional and retail demand for the world\u2019s first cryptocurrency.<\/p>\n

Retail demand for Bitcoin (BTC) grew to an over six-month high, last seen during March 2024, when Bitcoin recorded a new all-time high of above $73,600.<\/p>\n

Retail demand saw a significant increase during the past 30 days, according to onchain intelligence firm CryptoQuant, which wrote in an Oct. 22 X post:<\/p>\n

\u201cIn the last 30 days, retail demand grew by about 13%, highlighting a scenario that was only seen in March, when we were close to the last historical high.\u201d<\/p><\/blockquote>\n

\"\"
BTC: Retail investors (volume $0 to $10k), demand. Source: CryptoQuant<\/em><\/figcaption><\/figure>\n

Despite growing retail investor interest, Bitcoin price fell over 1.5% during the past 24 hours to change hands at $66,432 as of 12:22 pm UTC on Oct. 23, according to Cointelegraph data.<\/p>\n

\"\"
BTC\/USD, 1-year chart. Source: Cointelegraph<\/em><\/figcaption><\/figure>\n

Although both institutional and retail interest in Bitcoin is growing, the cryptocurrency has been unable to surpass the $70,000 psychological barrier since July 29.<\/p>\n

Related: <\/strong><\/em>Bitcoin hashrate hits all-time high, boosting network security<\/strong><\/em><\/p>\n

Institutions own over 20% of US Bitcoin ETFs<\/h2>\n

Institutional ownership of United States-based spot Bitcoin exchange-traded funds (ETFs) is also on the rise, sparking further optimism for the BTC price.<\/p>\n

Institutions own about 20% of US Bitcoin ETFs, according to Form 13F filings with the US Securities and Exchange Commission, as of Oct. 18, according to Ki Young Ju, the founder and CEO of CryptoQuant, who wrote in an X post:<\/p>\n

\u201cInstitutional ownership of U.S. #Bitcoin Spot ETFs is around 20%, with asset managers holding 193K BTC (per Form 13F filings).\u201d<\/p><\/blockquote>\n

\"\"
Institutional ETF ownership, 13F filings. Source: Ki Young Ju<\/em><\/figcaption><\/figure>\n

More than 1,179 institutions have invested in Bitcoin in the past 10 months since the launch of Bitcoin ETFs, Ju added.<\/p>\n

Bitcoin\u2019s stagnating price could be attributed to the relatively small allocation of these institutions, which is predicted to increase with more price appreciation, according to Vugar Usi Zade, the COO of Bitget.<\/p>\n

Yet, increasing institutional participation is only a matter of time, Zade told Cointelegraph:<\/p>\n

\u201cThe Bitcoin ETF outlook shows massive but cautious adoption. While over a thousand institutional investors have exposure to Bitcoin ETF products, their respective allocations are small. This trend is not uncommon when asset managers are exploring a new technology.\u201d<\/p><\/blockquote>\n

Continued institutional ETF adoption could significantly bolster Bitcoin\u2019s price because institutions hold large amounts of capital that can move crypto markets. Bitcoin may need continued institutional adoption to reach new all-time highs.<\/p>\n

Related: <\/strong><\/em>Lightning Network value directly correlated to Bitcoin price: Report<\/strong><\/em><\/p>\n

Can ETF inflows nudge a weekly Bitcoin close above $66,400?<\/h2>\n

Bitcoin ETF inflows turned negative on Oct. 22, following seven days of cumulative net positive inflows, according to data from Farside Investors.<\/p>\n

\"\"
Spot Bitcoin ETF flows (US dollars, million). Source: Farside Investors<\/em><\/figcaption><\/figure>\n

To confirm a potential breakout, Bitcoin\u2019s price needs a weekly close above $66,400, crypto analyst Rekt Capital wrote in an Oct. 23 X post:<\/p>\n

\u201cThe retest is underway. Bitcoin needs to weekly close above the channel top (black) for the retest to be successful (downside wicks in the meantime are permitted).\u201d<\/p><\/blockquote>\n

\"\"
BTC\/USD, 1-week chart. Source: Rekt Capital<\/em><\/figcaption><\/figure>\n

To achieve a bullish weekly close, Bitcoin may require continued ETF inflows. A month after their launch, US BTC ETFs accounted for about 75% of new Bitcoin investments, helping push the price above $50,000.<\/p>\n

Magazine: <\/strong><\/em>Bitcoin $233K forecast, SEC X account hacker arrested, and more: Hodler\u2019s Digest, Oct. 13 \u2013 19<\/strong><\/em><\/p>\n

Check other news for today<\/span> and Please stand by..<\/p>\n

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\"\"<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Update Oct. 23 at 1:33 pm UTC: This article has been updated to include quotes from the chief operating officer of Bitget The Bitcoin price is struggling to gain momentum despite growing institutional and retail … Bitcoin stuck under $67K despite rising demand from retail, institutions<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":51875,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5651],"tags":[139,3544,3812,5652,10,159,97],"class_list":["post-51874","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptonews","tag-bitcoin","tag-bitcoin-news","tag-cryptonews","tag-emilynews","tag-hyip","tag-hyipnews","tag-hyips","exalt-entry"],"yoast_head":"\nBitcoin stuck under $67K despite rising demand from retail, institutions - EmilyNews<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/emilynews.com\/blog\/?p=51874\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin stuck under $67K despite rising demand from retail, institutions - 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