Bitcoin

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:<a href="https://www.cryptopolitan.com/blackrocks-ishares-btc-trust-surpasses-20b/"> BlackRock’s iShares Bitcoin Trust surpasses $20b in assets</a> 
The Farside Investors <a href="https://farside.co.uk/?p=997" rel="nofollow noopener" target="_blank">data</a> 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. 
<figure id="attachment_535670" aria-describedby="caption-attachment-535670" style="width: 100%" class="wp-caption aligncenter">
 <img loading="lazy" decoding="async" class="wp-image-535670 size-full" src="https://www.cryptopolitan.com/wp-content/uploads/2024/06/GPRpZ0OXoAEoqve.jpg" alt="Bitcoin ETF inflow" width="2048" height="532" srcset="https://www.cryptopolitan.com/wp-content/uploads/2024/06/GPRpZ0OXoAEoqve.jpg 2048w, https://www.cryptopolitan.com/wp-content/uploads/2024/06/GPRpZ0OXoAEoqve-300x78.jpg 300w, https://www.cryptopolitan.com/wp-content/uploads/2024/06/GPRpZ0OXoAEoqve-1200x312.jpg 1200w, https://www.cryptopolitan.com/wp-content/uploads/2024/06/GPRpZ0OXoAEoqve-768x200.jpg 768w, https://www.cryptopolitan.com/wp-content/uploads/2024/06/GPRpZ0OXoAEoqve-1536x399.jpg 1536w" sizes="(max-width: 2048px) 100vw, 2048px">
 <figcaption id="caption-attachment-535670" class="wp-caption-text">
 Bitcoin ETFs 16-day inflow streak (Source: X/HODL15Capital)
 </figcaption>
</figure> 
<h2 id="16-consecutive-days-of-inflows-into-bitcoin-etfs">16 consecutive days of inflows into Bitcoin ETFs</h2> 
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 <a href="https://x.com/NateGeraci/status/1798153844947587194" rel="nofollow" target="_blank">wrote</a>: 
<blockquote>
 “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?”
</blockquote> 
Meanwhile, Alistair Milne, the chief investment officer of Altana digital currency fund, <a href="https://x.com/alistairmilne/status/1798247502845718572" rel="nofollow" target="_blank">pointed out</a> 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.” 
<h2 id="analysts-predict-new-bitcoin-ath">Analysts predict new Bitcoin ATH</h2> 
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, <a href="https://x.com/10x_Research/status/1798163691931873730" rel="nofollow" target="_blank">predicted</a> 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 <a href="https://www.cryptopolitan.com/bitcoin-miners-embrace-ai/">performance of BTC miners shares.</a> 
<a href="https://www.cryptopolitan.com/bitcoin-price-forecast/">Also Read: Bitcoin Price Prediction 2024-2030: Will BTC Price Surpass $100K Post-Halving?</a> 
Analysts at Bitfinex <a href="https://blog.bitfinex.com/bitfinex-alpha/bitfinex-alpha-btc-enters-accumulation-period/" rel="nofollow noopener" target="_blank">believe</a> 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.

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

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