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Bitcoin price was 3% away from breaking the record and experienced a slight drop again. ETF inflows also broke records.
Bitcoin was about $2,000 away from its March 2024 peak of $7,3737.
After a relatively quiet and slow weekend, the price of Bitcoin once again headed north at the start of the working week and continued to rise until it reached $71,767 (Bitstamp) yesterday evening.
This comes amid growing inflows into mostly U.S.-based spot bitcoin ETFs, Cryptocurrency reported. Because yesterday we saw an investment of nearly 500 million dollars. Even Greyscale’s GBTC saw positive trends.
What’s even more impressive about the amount of dollars going into America’s biggest bitcoin ETFs is the trend they’ve been on.
The last time these financial instruments were out there was almost a month ago in early May. Since then, there have been occasional exits from some ETFs. For example, $100 million was withdrawn from Ark Invest ARKB on May 30. But in general, the market was not red.
Therefore, the positive streak of consecutive entry days has reached 16, which is equal to the previous record in February. As recently reported, June 4 was the second-biggest day of inbounds ($886.6 million). While this figure for yesterday was 488.1 million dollars.
Fidelity’s FBTC was once again in the lead with more than $220 million in sales. Blackrock’s IBIT followed with $155.4 million, and even Greyscale’s GBTC, which has seen the most outflows since its conversion, took in $14.6 million.
These positive numbers were perhaps the main source of another price increase for the underlying asset. Bitcoin had fallen to around $69,000 on June 4. But yesterday it rose again and reached a 15-day high of $71,767 (Bitstamp).
As such, Bitcoin was less than 3% away from its record high on March 14 ($7,3737). Despite the near miss since then, the cryptocurrency community believes that charting a new high is a matter of time and not time.
