Bitcoin (BTC) ascended beyond the $68,000 threshold during late Sunday trading in Eastern Standard Time, buoyed by sustained positive momentum in the cryptocurrency sector.

The digital currency climbed 1.02% over the past 24 hours, reaching $68,032, after peaking at $68,480 earlier today, as per The Block’s bitcoin price data. Concurrently, the broader cryptocurrency market experienced a 0.89% uptick, with Solana exhibiting a remarkable 4.73% surge, trading at $182.12 at the time of reporting.

Crypto analyst Rachael Lucas from BTC Markets attributes this bullish trend primarily to robust inflows into bitcoin exchange-traded funds (ETFs). “A significant factor driving this momentum is the considerable capital flowing into bitcoin ETFs,” Lucas stated to The Block. The U.S. bitcoin ETFs marked their eleventh successive day of positive inflows on Friday, with BlackRock’s IBIT amassing nearly $19 billion in net inflows since its launch, according to data from SoSoValue.

“In total, the market has observed record net inflows exceeding $17 billion, signifying heightened institutional interest and confidence in bitcoin as a viable asset class,” Lucas elaborated.

The market is also keenly anticipating the imminent launch of the first series of spot Ethereum ETFs in the U.S., slated for Tuesday, July 23, as announced by Cboe. The forthcoming funds include the Fidelity Ethereum Fund, the Franklin Ethereum ETF, the Invesco Galaxy Ethereum ETF, the VanEck Ethereum ETF, and the 21Shares Core Ethereum ETF.

Additionally, bitcoin’s upward movement appears influenced by U.S. President Joe Biden’s declaration that he will not seek re-election in the upcoming November presidential race, potentially increasing the prospects of pro-crypto Republican candidate Donald Trump. While Biden endorsed Vice President Kamala Harris as the Democratic Party’s nominee, Harris has yet to articulate a stance on the cryptocurrency industry.

The reduction in selling pressure, notably due to the German government’s recent liquidation of 50,000 BTC, also played a role in bitcoin’s price rally, Lucas noted. “The completion of this sale, which generated approximately $2.87 billion, has removed a significant volume of bitcoin from the market, alleviating selling pressure.”

However, Lucas cautioned that the market’s trajectory could still be influenced by the pending repayments from the defunct Mt. Gox cryptocurrency exchange. With creditor repayments, amounting to an estimated $9 billion, expected to be processed by early August, market dynamics might face short-term fluctuations, Lucas warned.