Resume: Bitcoin Price Surges as Inflows into US-Based Funds Reach Record Highs π
Bitcoin’s price surged to $71,767 on Bitstamp after a period of stagnation, driven by significant inflows into US-based spot Bitcoin ETFs, totaling nearly $500 million. The positive streak of consecutive inflow days has reached a record 16, matching the previous high set in February. Key players like Fidelity, BlackRock, and Grayscale saw substantial inflows, powering the market rally.
The Surge in Bitcoinβs Price π
After a relatively quiet weekend, bitcoin’s price started moving north at the beginning of the business week, ultimately reaching $71,767 on Bitstamp yesterday evening. This surge was fueled by a surge in inflows into US-based spot Bitcoin ETFs, with nearly $500 million pouring in, setting a new record. The positive streak of consecutive inflow days has now reached 16, matching the previous high set in February.
- Bitcoin’s price surged to $71,767 on Bitstamp after a period of stagnation.
- Significant inflows into US-based spot Bitcoin ETFs totaled nearly $500 million.
- The positive streak of consecutive inflow days reached a record 16, matching the high set in February.
Impressive Inflows into US-Based Funds π
The amount of USD flowing into the largest US spot BTC ETFs has been remarkable, with the last outflows recorded nearly a month ago on May 10. Despite occasional minor outflows from specific ETFs, the overall trend has been overwhelmingly positive, with Fidelity’s FBTC leading the inflow charge with over $220 million.
Record-Breaking Numbers π
June 4 saw the second-largest day of inflows at $886.6 million, followed by $488.1 million the next day. Fidelity’s FBTC, BlackRock’s IBIT, and Grayscale’s GBTC saw significant inflows, contributing to the latest price rally for bitcoin.
Bitcoin Approaching All-Time Highs π
Bitcoin’s price dipped to around $69,000 on June 4 but quickly rebounded, reaching a 15-day peak of $71,767. The cryptocurrency is now less than 3% away from its all-time high of $73,737 set on March 14, with optimism high within the crypto community for a fresh peak soon.
Hot Take: Optimism Abounds as Bitcoin Nears All-Time Highs π
The recent surge in bitcoin’s price to $71,767 on Bitstamp was fueled by record inflows into US-based spot Bitcoin ETFs, totaling nearly $500 million. With the positive streak of consecutive inflow days hitting a new high, optimism is high for bitcoin to surpass its previous all-time high and set a new record soon. Key players like Fidelity, BlackRock, and Grayscale are driving the market rally, showcasing growing confidence in the cryptocurrency’s potential.
Owen Patter is a distinguished crypto analyst, accomplished researcher, and skilled editor, leaving a notable imprint on the cryptocurrency landscape. As a proficient crypto analyst and researcher, Owen delves into the intricate realms of digital assets, offering insights that resonate with a diverse audience. His analytical acuity is harmoniously paired with adept editorial skills, allowing him to transform complex crypto information into easily comprehensible content. Owen’s contributions serve as a valuable guide for both seasoned enthusiasts and newcomers, aiding them in navigating the dynamic world of cryptocurrencies with well-researched perspectives. With a meticulous commitment to precision, he empowers informed decision-making in the ever-evolving crypto domain.
