Bitcoin Blasts Past $70K As Spot BTC ETFs Record Second-Highest Net Inflows

Updated: 05 June 2024

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The Bitcoin price blasted past $70k as spot Bitcoin ETFs (exchange-traded funds) recorded their second-best daily inflows since their launch in January.

BTC jumped more than 3% to trade at $71,152.04 as of 3:25 a.m. EST while the newly-launched ETFs added another $886.6 million to their reserves on June 4, according to preliminary data from Farside Investors.

Analysts Predict A New All-Time High For Bitcoin Price

The Fidelity Wise Origin Bitcoin Fund (FBTC) led the charge with $378.7 million of inflows. In second place was BlackRock’s iShares Bitcoin Trust (IBIT), which saw $274.4 million enter its fund. Meanwhile, the ARK 21Shares Bitcoin ETF (ARKB) was the third-best performer with its $138.7 million of inflows, according to Farside.

A day after the ETFs raked in the record $1.04 billion in daily inflows on March 12, the Bitcoin price went on to establish a new all-time high of $73,679 on Mar. 13.

The crucial level at $70K needs to break. #Bitcoin had a test there yesterday, but couldn't get through it.

Once it will, that's when a new all-time high test and run of #Altcoins is going to happen. pic.twitter.com/8g39krvypq

— Michaël van de Poppe (@CryptoMichNL) June 4, 2024

Analysts are bullish on BTC as a result. MN Trading Consultancy founder Michael van de Poppe told his over 718k followers on X that the king of cryptos could soon reach a new all-time high after it managed to break above $70K. This could also trigger an altcoin rally, he added.

Pseudonymous analyst Rekt Capital shared a similar sentiment. He believes that the Bitcoin price might be on the verge of entering “the Parabolic Phase of the cycle.”

Presales with links to Bitcoin might also gain, with 99Bitcoins (99BTC) one possible beneficiary. It is about to pass $2 million in funds raised,

Long-Term BTC Holders Start To Come Alive

Long-term Bitcoin holders seem to be getting ready for a big price move. Wallet addresses that have been dormant for up to a decade have recently awakened, according to on-chain analytics by CryptoQuant.

“Old coins moving, after old coins moving, after old coins moving,” CryptoQuant analyst J. A. Maartunn said on X.