Analyst: Bitcoin spot ETFs' massive inflows drive cryptocurrency gains

Bitcoin broke through $68,000 in the early hours of today. Rachael Lucas, a cryptocurrency analyst at BTC Markets, said, "One of the main drivers of the rise is the influx of funds into Bitcoin ETFs." According to SoSoValue's data, the US Bitcoin spot ETF recorded net inflows for the eleventh consecutive day on Friday, with BlackRock's IBIT accumulating nearly $19 billion in net inflows since its inception.

Meanwhile, Bitcoin's rise also seems to have been influenced by US President Biden's announcement that he will not participate in the upcoming November presidential election, which could increase the likelihood of Republican candidate Trump, who supports cryptocurrency, winning. Although Biden supports Vice President Kamala Harris to succeed him as the Democratic nominee, Harris has not yet expressed support or opposition to the cryptocurrency industry.

Lucas said that market trends may still be affected by the repayment of Mt.Gox's outstanding debts, as most expected creditors (totaling $9 billion) are expected to be settled in early August, and the market may still face short-term uncertainties.