At the beginning of the week, Bitcoin’s value experienced a surge following a period of subdued activity over the weekend. The surge continued to an impressive peak of $71,767 (as noted on Bitstart) by yesterday evening.
Coinciding with this increase was a notable surge in capital flowing into several US-based Bitcoin Spot ETFs, culminating in a staggering $500 million investment recorded yesterday. Additionally, Grayscale’s GBTC also experienced an uptick in investment.
The sustained investment into the premier US spot BTC ETFs is particularly noteworthy. It’s been nearly a full month since any outflows were observed – the last occurring on May 10. Despite a sporadic outflow from a few ETFs, the predominant trend has been one of continuous investment, with inflows reaching 16 consecutive days, matching the record established in February. Just recently, June 4th marked the second-largest day of inflows at $886.6 million, and the inflows continued with $488.1 million recorded yesterday.
Fidelity’s FBTC took the spotlight by attracting over $220 million, closely followed by BlackRock’s IBIT at $155.4 million, with Grayscale’s GBTC, despite experiencing significant outflows post-conversion, securing $14.6 million.
These influxes likely played a significant role in propelling Bitcoin’s price upward. Bitcoin had dropped to around $69,000 on June 4 but soon began to climb, reaching a fifteen-day high of $71,767 (Bitstamp).
Consequently, Bitcoin edged within 3% of its highest value on record, set at $73,737 on March 14. Although it has receded by approximately $1,000 since then, there is a strong sentiment within the crypto community that a new peak is simply a question of timing.
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