Bitcoin Struggles Below $70K Despite $20B Milestone in ETF Inflows

According to Cointelegaph: Spot Bitcoin ETF inflows hit a record $20 billion, but BTC price stalls below the $70,000 mark as analysts predict a delayed impact on the market.Bitcoin remains stuck below the critical $70,000 mark despite last week’s record-breaking inflows into U.S.-based spot Bitcoin exchange-traded funds (ETFs). On October 17, Bitcoin ETFs reached a milestone, crossing $20 billion in total net flows just 10 months after their launch. For comparison, gold ETFs took nearly five years to achieve the same milestone.Bitcoin Price Struggles Despite ETF MilestoneBTC reached a nearly three-month high of $69,487 on October 21 before pulling back to trade around $68,570, according to Cointelegraph data. Market analysts at Bitfinex suggest that the sluggish price action could be due to the delayed effect of ETF inflows, which often take a few days to impact Bitcoin’s spot price.“ETF inflows can have a muted impact for a few days, and then the market reverses lower once the aggression from spot market buyers fades,” the analysts explained, adding that sustained spot market interest is necessary to push Bitcoin out of its current range.ETF Inflows and Their Price ImpactPositive ETF inflows could potentially drive Bitcoin to a new all-time high, but the impact may not be immediate. For instance, by February 15, just one month after the ETFs launched, U.S.-based Bitcoin ETFs accounted for 75% of new investment in the cryptocurrency, which had surpassed the $50,000 mark at the time.Despite significant inflows, including $1.17 billion from BlackRock’s iShares Bitcoin Trust ETF last week, Bitcoin's price has shown limited immediate impact. Bitfinex analysts explained that some of these inflows could be part of delta-neutral trading strategies, contributing to the muted price movement.Bitcoin’s Weekly Close Offers Hope for BullsDespite the price stall, Bitcoin managed to close the week above $69,000, a bullish signal that could set BTC up for a rally to retest the re-accumulation range above $71,000. Popular crypto analyst Rekt Capital noted this in an October 20 post, suggesting that BTC may break out of its current consolidation.Bitcoin’s recent price action comes amid growing optimism in the broader market, with the first Bitcoin ETF options approved by the Securities and Exchange Commission (SEC) on October 18, potentially adding more fuel to the bullish sentiment.Solana and Other Major Cryptos See GainsAs Bitcoin hovers below $70,000, other major cryptocurrencies, such as Solana (SOL), have seen strong gains. SOL rose more than 7% in the past 24 hours, driven by speculative trading and positive market sentiment. Ethereum (ETH), Cardano (ADA), and other altcoins also saw gains, reflecting the broader risk-on sentiment in the crypto market. Will Bitcoin Break $70K Soon?With spot Bitcoin ETFs surpassing the $20 billion milestone and Bitcoin hovering near key resistance, the next few days could determine whether BTC can finally break through the $70,000 barrier. While ETF inflows continue to bolster long-term optimism, the immediate price impact remains uncertain, especially with the looming U.S. election adding volatility to the market.