US Bitcoin ETFs have seen a two-day influx of nearly $1 billion, sending the price of the leading cryptocurrency towards resistance at $70,000.

The influx of investors, led by those who bought BlackRock's IBIT and Fidelity's FBTC exchange-traded funds, was impressive relative to others, wrote ETF specialist Nate Geraci.
For context, only eight of the 560+ ETFs launched in 2024 have raised more than $1 billion in a year, the expert added.
Amid optimistic investor sentiment, the price of Bitcoin reached about $68,257 on October 16. This year, the main cryptocurrency has added 52% to its value.
Meanwhile, funds tracking the U.S. S&P 500 index have seen a whopping $772 billion in inflows this year.

Bloomberg Intelligence analyst Eric Balchunas, citing Bloomberg data, called the influx "flowmageddon."

In the long term, the price of Bitcoin will soar further amid growing tensions in the Middle East and the Federal Reserve cutting borrowing costs, according to BitMEX founder Arthur Hayes.

Bitcoin and cryptocurrencies will rise as energy prices jump due to unrest, Hayes wrote on his blog.
At the same time, Hayes stipulated that the upward movement will be accompanied by rollbacks, thus, volatility will be high.