 Bitcoin stuck under $67K despite rising demand from retail, institutions 
2024-10-23

The Bitcoin price is struggling to gain momentum despite growing institutional and retail demand for the world’s first cryptocurrency.
Retail demand for Bitcoin BTCUSD grew to an over six-month high, last seen during March 2024, when Bitcoin recorded a new all-time high of above $73,600.
Retail demand saw a significant uptick during the past 30 days, according to onchain intelligence firm CryptoQuant, which wrote in an Oct. 22 X post:

Despite growing retail investor interest, Bitcoin price fell over 1.5% during the past 24 hours to change hands at $66,432 as of 12:22 pm UTC on Oct. 23, according to Cointelegraph data.
Although both institutional and retail interest in Bitcoin is growing, the cryptocurrency has been unable to surpass the $70,000 psychological barrier since July 29. 
Institutions own over 20% of US Bitcoin ETFs
Institutional ownership of United States-based spot Bitcoin exchange-traded funds (ETFs) is also on the rise, sparking further optimism for the BTC price. 
Institutions own approximately 20% of US Bitcoin ETFs, according to Form 13F filings with the US Securities and Exchange Commission, as of Oct. 18, according to Ki Young Ju, the founder and CEO of CryptoQuant, who wrote in an X post:

More than 1,179 new institutions have invested in Bitcoin in the past 10 months since the launch of Bitcoin ETFs, Ju added.
Continued institutional ETF adoption could significantly bolster Bitcoin’s price since institutions hold large amounts of capital that can move crypto markets. Bitcoin may need continued institutional adoption to reach new all-time highs.
Can ETF inflows nudge a weekly Bitcoin close above $66,400?
Bitcoin ETF inflows turned negative on Oct. 22, following seven days of cumulative net positive inflows.
Bitcoin ETF inflows turned negative on Oct. 22 after seven consecutive days of cumulative net positive inflows, according to data from Farside Investors.
To confirm a potential price breakout, Bitcoin price needs a weekly close above $66,400, the popular crypto analyst Rekt Capital wrote in an Oct. 23 X post:

To achieve a bullish weekly close, Bitcoin may require continued ETF inflows. A month after their launch, US BTC ETFs accounted for about 75% of new Bitcoin investments, helping push the price above $50,000. 