Bitcoin reaches $70K as ETF inflows surge in a major streak.

On October 28, Bitcoin (BTC) rose by 3% to reach a peak of $70,150 before dropping back below the $70,000 threshold, according to TradingView data. This surge coincides with a significant increase in inflows into Bitcoin ETFs. CoinShares reported that Bitcoin funds saw inflows of $920 million for the week ending October 25, bringing the total year-to-date inflows to $25.4 billion.

This uptick follows a remarkable influx of over $2.1 billion into 11 U.S. spot-based ETFs for the week ending October 18, as noted by Farside Investors.

Many crypto traders have also pointed out that Bitcoin experienced a "golden cross," a bullish chart pattern where the 50-day moving average crosses above the 200-day long-term moving average, suggesting a potential price breakout. On October 25, Bitcoin briefly dipped to a local low of $66,510 after news surfaced that stablecoin issuer Tether was under investigation by the U.S. Department of Justice.

However, Bitcoin’s price rebounded as Republican candidate Donald Trump gained over 32 percentage points on Vice President Kamala Harris in the lead-up to the November 5 U.S. presidential election, according to Polymarket data.

While Trump's lead is not reflected in the voter polls—FiveThirtyEight Interactive shows Harris with a 1.3 percentage point advantage—Bitcoin's price may have also benefited from Iran's restraint in responding to Israel after an attack on October 26.

Currently, Bitcoin is just 5% shy of its all-time high of $73,679 reached on March 13 and has reached its highest price since mid-May, breaking out of a range-bound pattern that has seen it predominantly trade between $55,000 and $65,000.