Institutional demand for Bitcoin recorded a mild decline on Tuesday. According to Coinglass ETF data, the US spot Exchange Traded Funds (ETFs) experienced a minor outflow of $87.90 million, ending a streak of seven consecutive days of inflows. If this outflow trend persists or increases, it could lead to a further decline in Bitcoin’s price.

As of 8 a.m. ET, the price of bitcoin, or 1 BTC, was $67,341.34. The crypto’s highest intraday price in the past year was $73,750.07 on March 14, 2024. The chart above pulls data as of 8 a.m. ET daily and doesn’t display intraday highs or lows.

Data from market intelligence firm CryptoQuant, analyzed by independent analyst Axel Adler Jr, shows that 94% of Bitcoin ( BTC) supply is currently in profit, with the “majority of coins having been purchased at the $55K level.”

On October 21, open interest in Bitcoin derivatives reached an unprecedented high, indicating a robust engagement in the market as the price of Bitcoin approached the $70,000 threshold. CoinGlass reported that the open interest (OI) on Bitcoin futures contracts had escalated to a record $40.

One BTC represents one bitcoin, which is currently valued at $68,235.83. While global central banks often increase the supply of fiat currencies like the U.S. dollar, the supply of bitcoin is capped at 21 million BTC.

A group of BTC miners, including Riot Platforms, Clean Spark, and Mara Holdings, is throwing their weight behind the new Bitcoin Voter PAC, as competition intensifies to influence the outcome of the 2024 election.

BTC dropped below $50,000 but rebounded above $54,000. Resistance was confirmed at $61,400, leading to a pullback. Overbought RSI hints at a limited upside before

The cryptocurrency market has shown strong upward momentum, gaining 1.79% in market capitalization, now standing at $2.38 trillion. Alongside this, 24-hour trading volumes have surged by 65.13%, reflecting heightened trader activity.