Why Does the Price of Bitcoin Keep Going Up? The Answer Might Surprise You.
Yahoo Finance ·
Since July, when it briefly dipped below $60,000, Bitcoin ( BTC -0.88% ) is up a resounding 40%. That's particularly impressive, given the spate of negative news that has hit the crypto market recently, including Congress' failure to advance the Clarity Act. So why, exactly, is the price of Bitcoin soaring? These four factors offer the best explanation. The easy answer is "ETF inflows." Money is once again flowing into Bitcoin ETFs at a prodigious rate, and that is helping to push up the price of Bitcoin. The funds actually buy and hold coins, so there's real substance in this argument. The reversal since July has been particularly striking. In mid-July, Bitcoin ETFs were facing net outflows of $5.8 billion for the year. Two months later, that has flipped to a net inflow of $800 million.
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