On Tuesday, Bitcoin surged to $71,200, nearing its all-time high of $73,700 set in March, as per TradingView data. This rally coincided with significant investments in US spot Bitcoin exchange-traded funds (ETFs).
HODL15Capital data indicates that US Bitcoin funds saw a combined net inflow of $887 million, the second-highest ever recorded. Leading the pack was the Fidelity Wise Origin Bitcoin Fund with $378 million, followed by BlackRock’s iShares Bitcoin Trust with $275 million, and the ARK 21Shares Bitcoin ETF with over $138 million.
These inflows marked a notable milestone, second only to the record-setting $1.04 billion influx on March 12, which preceded Bitcoin’s peak the following day.
As of now, Bitcoin is trading around $71,000, up nearly 3% in the past 24 hours. This recent surge suggests a positive trend for Bitcoin following a period of sideways movement. Experts anticipate a promising June for the crypto market, largely due to anticipated developments in spot Ethereum ETFs.
Reflecting on the success of Bitcoin ETFs on their 100th trading day, Nate Geraci, president of ETF Store, addressed skepticism surrounding their demand, particularly from critics questioning their appeal to retail investors.
June 2024, Cryptoniteuae
