Bitcoin Tops $84K, Ethereum Nears $2.5K Amid $550M ETF Inflows

Bitcoin Surges Past $84,000, Ethereum Nears $2,500

Taipei, October 21 – Major cryptocurrencies Bitcoin and Ethereum saw significant gains late Thursday, with Bitcoin breaking the $84,000 mark and Ethereum approaching $2,500. As of approximately 10:40 PM Taipei time on October 21, both digital assets were on an upward trajectory, nearing their seven-day highs.

Market Movement

According to CoinGecko data, Bitcoin was trading around $84,031, marking a roughly 0.98% increase over the past 24 hours. Ethereum was priced at approximately $2,473.6, up about 0.34%. Coinbase’s spot market mirrored these trends, showing Bitcoin at around $84,095 and Ethereum at $2,476, both indicating a push past the $84,000 threshold during the evening. The current price is close to the upper end of the seven-day trading range, which has been between $80,117 and $84,031, signifying a progression from reclaiming the $83,000 level to challenging and surpassing $84,000.

Driving Factors

CoinDesk reported that Bitcoin’s advance to the $84,000 level was bolstered by a resurgence in risk appetite, influenced by positive news from the U.S. stock market and companies like SpaceX. This sentiment has led to a concurrent warming of the market for both cryptocurrencies and riskier equities.

Furthermore, data from SoSoValue revealed that U.S. spot Bitcoin ETFs experienced net inflows of approximately $550 million over the past two days, with $526.6 million on Monday and $23.16 million on Tuesday. This indicates a return of institutional demand. Market attention is now shifting to whether Bitcoin can further challenge the $85,000 level and if Ethereum can firmly establish itself above the $2,500 psychological barrier.

Outlook

With a more optimistic risk-asset environment and renewed ETF inflows, the ability of Bitcoin to maintain its position above $84,000 and potentially propel Ethereum towards $2,500 will be a key focus for short-term traders. Continued monitoring of spot market volatility and the sustained flow of institutional capital will be crucial.