Bitcoin is trading above $71,000. New all-time high coming soon?
On Tuesday, the value of Bitcoin surged to a remarkable $71,200, just a whisper away from its ATH of $73,700 reached earlier in March, as per the information gleaned from TradingView. This recent uptick follows a substantial influx of capital into US-based Bitcoin spot exchange-traded funds (ETFs).
According to figures from HODL15Capital, Bitcoin funds in the US collectively experienced an unprecedented $887 million boost in net inflows on June 4, marking it as the second-largest amount ever noted.
At the forefront of this remarkable influx, the Fidelity Wise Origin Bitcoin Fund garnered an impressive $378 million. Hot on its heels, BlackRock’s iShares Bitcoin Trust notched up $275 million, with data provided by Farside Investors and HODL15Capital highlighting their achievements. Not to be overlooked, the ARK 21Shares Bitcoin ETF secured the third position by attracting over $138 million in net inflows.
This spike in inflows is particularly significant, setting a new benchmark since the historic influx of $1.04 billion observed on March 12. The day following this milestone, Bitcoin hit its peak at $73,700.
As of this writing, BTC stands near the $71,000 mark, experiencing a near 3% rise over the past day. This buoyancy indicates a potential upward trajectory for Bitcoin, after a period of horizontal movement. Market analysts are forecasting a ‘bright June’ for the cryptocurrency realm, buoyed by the expected developments around spot Ethereum ETFs.
On the 100th trading day of Bitcoin ETFs, Nate Geraci, president of the ETF Store, eloquently addressed the doubts cast by skeptics about the demand for Bitcoin ETFs, especially concerning their attractiveness to individual investors.
