Bitcoin, which was traded at approximately $67,739 as of news time, gained 0.6% in value in the last 24 hours and reached a market value of $1.33 trillion. Daily transaction volume hovers around $30 billion. According to Coinglass data, short position liquidations played an important role in Bitcoin’s recent rise.

In the last 24 hours, short liquidations in Bitcoin reached $17.91 million, outpacing long position liquidations ($11.8 million). This reflects a typical dynamic in markets; Forced closing of short positions increases demand, pushing the Bitcoin price up and creating additional buying pressure.

In addition to market-driven liquidations, inflows into US-based spot Bitcoin ETFs also reached high levels. Last week, these ETFs reported five consecutive days of net inflows, totaling more than $2.12 billion. This trend continued at the beginning of the week with new inflows of $294.29 million.

According to SoSoValue data on October 24, spot Bitcoin ETFs received net inflows of $188.11 million. These inflows were led by BlackRock’s IBIT ETF with $165.54 million, allowing the fund to collect nearly $2 billion with nine consecutive days of inflows.

Meanwhile, Bitwise’s BITB ETF received inflows of $29.63 million despite experiencing outflows of $25.2 million the previous day. However, Grayscale’s GBTC ETF bucked this trend with an outflow of $7.05 million, totaling over $20 billion since its inception.

Since the launch of the first spot Bitcoin ETFs in January, the 12 existing products have accumulated a total of $21.53 billion in net inflows. Bloomberg ETF analyst Eric Balchunas calls this level one of the most difficult targets to reach in the ETF market.

Balchunas noted that it took five years for gold ETFs to reach this figure, highlighting the rapidly growing interest in Bitcoin investment among institutional investors.

Beyond short-term market activity, the political environment in the United States also affects investor sentiment. Speculation about the possibility of Donald Trump winning in the upcoming presidential elections is increasing optimism among Bitcoin investors. It is thought that a pro-crypto governance would support blockchain innovation and reduce regulatory barriers.

The former president’s promises to support a blockchain-friendly regulatory environment and replace SEC Chairman Gary Gensler dovetail with many institutional investors’ desire for less regulatory oversight.

This potential shift provided an additional boost to Bitcoin’s price momentum; This shift could pave the way for a regulatory environment that encourages cryptocurrency growth.