Bitcoin's recent surge above $71,000 is notable, driven by increased whale activity on Binance and substantial inflows into Bitcoin ETFs with a net increase of 47,000 BTC.
The rally reflects traders betting on bullish market conditions ahead of the upcoming U.S. elections, leading to significant trading volumes and the liquidation of over $143 million in short positions.
As the market anticipates potential outcomes of the U.S. elections, traders see heightened certainty regarding a Trump victory, triggering a liquidation of shorts against the $70,000 mark.
Whales on Binance appear to be net buyers during Asian trading hours, contributing significantly to the price increase, alongside the bullish sentiment surrounding Bitcoin ETFs.
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