Bitcoin rises above $71k after massive inflows into spot ETFs

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In this post:

  • Bitcoin’s price soared past $71,000 following significant inflows into spot ETFs.
  • Bitcoin ETFs recorded inflows totaling $887 million throughout June 4, marking their 16th consecutive day of inflow.
  • Market analysts predict that Bitcoin’s price could climb to a new all-time high in a week.

Bitcoin’s price soared past $71,000 after US-based spot BTC exchange-traded funds (ETFs) recorded one of their best days. According to Farside Investors data, the spot Bitcoin ETFs saw $886 million in inflows on June 4, pushing their monthly flow to more than $3 billion.

Also Read: BlackRock’s iShares Bitcoin Trust surpasses $20b in assets

The Farside Investors data shows that almost all the ETFs reported inflows, with Fidelity’s FBTC leading at $378.7 million. BlackRock’s IBIT also pulled in $274 million, while Ark 21Shares’ ARKB completed the top three with inflows worth $138.7 million. Notably, Grayscale’s GBTC, which had over $17 billion in outflows this year, managed to pull $28 million in inflows.

Bitcoin ETF inflow
Bitcoin ETFs 16-day inflow streak (Source: X/HODL15Capital)

16 consecutive days of inflows into Bitcoin ETFs

The inflows continue a positive movement for the Bitcoin ETFs that have recorded a notable turnaround in fortunes, seeing a 16-day streak of consecutive inflows. Nate Geraci, President of the ETF store, noted the milestone and wondered how this was possible for assets trading for over five months.

He wrote:

I was told several months ago that all of the ‘degen retail’ investors who wanted to buy had already done so and there was nobody left. How can this be?”

Meanwhile, Alistair Milne, the chief investment officer of Altana digital currency fund, pointed out that the June 4 inflows were the “second biggest day ever” since the ETFs started trading in January. According to him, the flows were further evidence of Bitcoin’s emergence as a legitimate asset class while adding a short riposte of “nothing stops this train.”

Analysts predict new Bitcoin ATH

Bitcoin’s rise past the $71,000 price point—its highest in over two weeks—has birthed speculation that the flagship digital asset might be ready for a new all-time high.

Markus Thielen, the CEO of crypto research firm 10X Research, predicted that BTC’s price could reach a new all-time high as early as next week, citing the broader market rally that has lifted Binance-backed BNB token to a new high and the improved performance of BTC miners shares.

Also Read: Bitcoin Price Prediction 2024-2030: Will BTC Price Surpass $100K Post-Halving?

Analysts at Bitfinex believe BTC is now in the accumulation phase, noting the declining exchange balances. After seeing sell-offs when it reached its all-time high in March, whales and long-term holders have started accumulating again. “In the last two weeks, Bitcoin ETFs have seen resurgent demand, recording net inflows of $136 million per day, exceeding the $32 million daily sell pressure from miners post-halving by more than four times,” the analysts wrote in a recent report.

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