Bitcoin has been experiencing a strong bullish rally, driving its price to levels not seen since mid-2024. As optimism grows in the market, Bitcoin surged to $69,500 on October 21, nearing the psychologically significant $70,000 mark. This renewed momentum in Bitcoin is fueled by a combination of institutional inflows, particularly through Exchange-Traded Funds (ETFs), and increasing confidence among long-term holders.

Meanwhile, in the blockchain gaming world, Minotaurus ($MTAUR) is garnering significant attention with its presale, offering early holders exclusive benefits as it aims to make a mark in the rapidly expanding gaming sector.

Bitcoin’s Bullish Momentum and ETF Inflows

Bitcoin’s recent price surge comes after a period of consolidation throughout the summer, during which it hovered around lower levels. The current rally, which saw Bitcoin reaching $69,500, reflects renewed market confidence as the cryptocurrency moves closer to the $70,000 threshold. Although there was a slight pullback, with Bitcoin dipping to $67,693.50 shortly after hitting its peak, the overall market sentiment remains positive, with analysts predicting further upward momentum.

BTC/USD weekly chart:TradingView

One of the primary factors driving Bitcoin’s bullish rally is the influx of capital into Bitcoin ETFs. On October 11, 2024, Bitcoin-related ETFs saw net inflows of $555.9 million in a single day, marking the highest level of inflows since June. These ETFs allow holders to gain exposure to Bitcoin without directly holding the asset, making it a more accessible option for both institutional and retail holders. As of mid-October, the total value of Bitcoin ETF assets had risen to $66.11 billion, underscoring the strong institutional interest in the cryptocurrency.

Nate Geraci, President of the ETF Store said that the recent inflows were something he highly called the industry a ‘huge day’ very much in appreciation of the fact that the demand for Bitcoin was rising. For the past year, Bitcoin ETFs have attracted around $20 billion in net assets indicating steady institutional demand. Large holder are referring to Bitcoin asset as an inflation hedge and are increasingly backing the cryptocurrency which also drives its price up.

Increasing Amount of Holders With Long-Term Positions and Bitcoin’s Restricted Circulating Stock

Even though there has been an increase in inflows into ETFs more demand has been coming into on-chain Bitcoin since March 2024. But this has been offset by increased uptake by those who are in for the long hold; a term popularized as ‘HODLers.’ These are long term wallet holders which also mean they are not trading the Bitcoin frequently as they have confidence in the ability of the coin to hold value.

On-chain analytics firm Glassnode shows that BTC’s liquidity supply – coins held in wallets that do not frequently trade – has risen sharply. It shows that more holders are getting involved with the cryptocurrency to ‘hodl’, which is the bullish narrative of the asset. Let’s assume that by end of October 2024 the number of people with long-term perspective increased significantly and set an absolute record.

Meanwhile, the bitcoin reserve on centralized exchanges has declined to 2.64 million BTC, close to the level of historical lows, as reported by CryptoQuant. This means reduced selling pressure on exchange, as the number of coins held by exchange decreases and available for immediate selling.

This tendency of rising illiquidity and even greater demand from holders with long-term perspectives enhances the Bitcoin’s upward prognosis.

Minotaurus Presale: A New Contender in Blockchain Gaming

While Bitcoin continues to dominate the digital asset space, the blockchain gaming sector is also making waves, with Minotaurus ($MTAUR) capturing the attention of early traders. Minotaurus is a new gaming project that combines casual gaming with cryptocurrency potential, offering players an immersive experience where they can navigate mazes, battle monsters, and get in-game tokens.

The Minotaurus presale offers early market participants a chance to buy $MTAUR tokens at a lower price, priced at USDT 0.00005967—70% lower than the anticipated listing price. This presale has already attracted significant interest, receiving over USDT 100,000 in early stages.Traders who join the presale not only benefit from lower token prices but also receive referral bonuses and access to premium in-game features.

Minotaurus is designed to tap into the growing casual gaming market, which is valued at USDT 14.78 billion globally. With a solid roadmap and security audits completed by firms like SolidProof and Coinsult, the project aims to establish itself as a trusted player in the blockchain gaming space. The integration of cryptocurrency into gaming offers an exciting opportunity for both gamers and crypto enthusiasts to witness significant development while engaging in entertaining gameplay.

Website: minotaurus.io Whitepaper:https://minotaurus.gitbook.io/paper Project USPs:https://minotaurus.gitbook.io/paper/overview/key-usps

This is a sponsored article. Opinions expressed are solely those of the sponsor and readers should conduct their own due diligence before taking any action based on information presented in this article.