Bitcoin prices topped $70,000, while spot Bitcoin ETFs (exchange-traded funds) saw their second-highest daily net inflows since their launch in January. According to preliminary data from Farside Investors, as of 3:25 a.m. ET, Bitcoin prices rose more than 31% to $71,152.04, while the newly launched ETF added another $886.6 million in reserves on June 4.
Fidelity Wise Origin Bitcoin Fund (FBTC) led with $378.7 million in inflows, while BlackRock’s iShares Bitcoin Trust (IBIT) ranked second with $274.4 million in inflows. Meanwhile, the ARK 21Shares Bitcoin ETF (ARKB) was the third best performer with $138.7 million in inflows, according to Farside data. The price of Bitcoin reached a new all-time high of $73,679 on March 13, a day after the ETF set a record daily net inflow of $1.04 billion on March 12.
This critical $70,000 level needs to be broken. Bitcoin made a test there yesterday but did not make it through. Once it is broken, new all-time high tests and altcoin rally will occur.
Analysts are optimistic about Bitcoin’s prospects. Michael van de Poppe, founder of MN Trading Consultancy, told his more than 718,000 followers that the king of cryptocurrencies is likely to reach new all-time highs soon after breaking through $70,000. He added that this could also trigger a rally in alternative coins.
Anonymous analyst Rekt Capital expressed a similar view, saying that the price of Bitcoin may be about to enter a "parabolic phase."
Bitcoin-related presales could also benefit, with 99Bitcoins (99BTC) being one possible beneficiary, with the project set to surpass $2 million in funds raised.
Investors who have long held Bitcoin have become active again. According to CryptoQuant's on-chain analysis, some wallet addresses that have been dormant for ten years have recently become active again.
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