Cryptocurrencies and Gold Surge to Record Highs Amid Institutional Rush
Cryptocurrencies and precious metals surged to record highs this week, driven by growing institutional interest and easing geopolitical tensions. Bitcoin hit a new all-time high of $125,899, while Ethereum surged to $4,735. Gold also set a new record, crossing $4,000 per ounce.
Bitcoin's rally was boosted by a slowdown in whale selling, with only $1.64 billion withdrawn from exchanges over the past 30 days. Institutional investors showed strong interest, with Bitcoin ETF inflows totaling $1.19 billion on October 6. BlackRock led the inflows with $970 million. The upcoming regulatory decisions by the SEC also influenced the market, with major issuers like Grayscale, VanEck, 21Shares, Bitwise, and Franklin submitting applications for Bitcoin and Solana ETFs.
Ethereum ETFs also saw significant inflows, adding $177 million. Other cryptocurrencies like Solana (SOL) traded at $234 and Binance Coin (BNB) hit $1,242, reflecting the broader bullish sentiment in the market. The easing of geopolitical tensions, particularly the Gaza ceasefire negotiations, also contributed to the risk-on sentiment, lifting global markets.
The surge in cryptocurrencies and gold prices reflects the growing institutional involvement and risk appetite in the market. As geopolitical tensions ease, investors are increasingly turning to these assets. The upcoming regulatory decisions by the SEC are expected to further influence the cryptocurrency market, potentially driving further inflows and price increases.
