Bitcoin ETF

Bitcoin

Bitcoin has surged 2.9% in the last 24 hours, reaching a high of $71,166 on Binance today, marking the highest price since May 21. This rally appears to be primarily fueled by robust inflows into US spot Bitcoin ETFs, with the sector experiencing its 16th consecutive day of net inflows. 
<h2 id="why-is-the-bitcoin-price-up-today">Why Is The Bitcoin Price Up Today?</h2> 
Yesterday alone, these ETFs saw an inflow of $886.6 million, with Fidelity leading at $378.7 million—setting a new record for the fund. <a href="https://www.newsbtc.com/news/bitcoin/blackrock-largest-bitcoin-fund/" target="_blank" rel="noopener ">BlackRock</a> wasn’t far behind, with substantial inflows totaling $274.4 million. Other significant contributions included Ark with $138.7 million, Bitwise at $61 million, and the Grayscale Bitcoin and VanEck Bitcoin Trust recording $28.2 million and $4 million respectively. 
<blockquote class="twitter-tweet"> 
 Good morning fellow hodlers, 
 We had an absolute insane day of inflows yesterday with $886.6 million of inflows (that’s ~12 500 BTC) 
 Fidelity did $378.7 million, Blackrock did $274.4 million, Ark did $138.7 million and Bitwise 61 million. 
 Even <a href="https://twitter.com/search?q=%24GBTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="nofollow">$GBTC</a> had inflows worth of $28.2… <a href="https://t.co/KaDdmTrq9p" rel="nofollow">pic.twitter.com/KaDdmTrq9p</a> 
 — WhalePanda (@WhalePanda) <a href="https://twitter.com/WhalePanda/status/1798202593534939488?ref_src=twsrc%5Etfw" rel="nofollow">June 5, 2024</a>
</blockquote> 
The sustained interest is further evidenced as BlackRock’s iShares Bitcoin ETF surpassed $20 billion in assets, becoming the fastest ETF to reach this milestone, reflecting significant momentum and investor enthusiasm. 
Eric Balchunas, a Bloomberg ETF analyst, emphasized the scale of these inflows, <a href="https://x.com/EricBalchunas/status/1798156058487382232" target="_blank" rel="noopener nofollow">stating</a>, “Fidelity not messing around, big-time flows all around today for The Ten, nearly $1b in total. Second best day ever, since Mid-March. $3.3b in past 4wks, net YTD at $15b (which was top end of our 12mo est). The ‘third wave’ is turning into a tidal wave.” 
Despite the positive inflow dynamics, Byzantine General (@ByzGeneral), a prominent crypto analyst, observed that the price surge could have been more pronounced. He highlighted the presence of substantial <a href="https://www.newsbtc.com/news/bitcoin/crypto-exchanges-bitcoin-supply/" target="_blank" rel="noopener ">passive supply</a> on spot exchanges, which might have tempered the price increase. 
He noted yesterday, “High volume today, and the perps basis actually went down a bit. I think that we got good ETF flows today, but… They’re buying into a lot of passive supply on spot exchanges.” He further commented today, “What did I say, big ETF inflows. But because of all of the passive supply it’s like an unstoppable force colliding with an immovable object.” 
<img loading="lazy" decoding="async" class="wp-image-611514 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/06/GPQUD95bYAAKgLW.png?resize=1908%2C913" alt="Bitcoin supply on exchanges" width="1908" height="913" srcset="https://www.newsbtc.com/wp-content/uploads/2024/06/GPQUD95bYAAKgLW.png?resize=1908%2C913?w=1908 1908w, https://www.newsbtc.com/wp-content/uploads/2024/06/GPQUD95bYAAKgLW.png?resize=1908%2C913?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/06/GPQUD95bYAAKgLW.png?resize=1908%2C913?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/06/GPQUD95bYAAKgLW.png?resize=1908%2C913?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/06/GPQUD95bYAAKgLW.png?resize=1908%2C913?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/06/GPQUD95bYAAKgLW.png?resize=1908%2C913?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/06/GPQUD95bYAAKgLW.png?resize=1908%2C913?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"> 
Moreover, it’s important to note that the price increase was not driven by the <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-funding-rate-turns-negative-short-squeeze-incoming/" target="_blank" rel="noopener ">liquidation of short positions</a> in the BTC futures market, which saw only $27.58 million in shorts liquidated in the last 24 hours, according to Coinglass data. 
However, Willy Woo, a renowned on-chain analyst, warned that a continued rise could trigger a significant short squeeze. Woo <a href="https://x.com/woonomic/status/1798169693771194825" target="_blank" rel="noopener nofollow">said</a> via X, “Tapping 72k is the fuse that’s set to start a liquidation cascade. $1.5b of short positions ready to be liquidated all the way up to $75k and a new all time high.” 
<img loading="lazy" decoding="async" class="wp-image-611512 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/06/GPRhKe7bwAA0IDk.jpg?resize=1552%2C1030" alt="Bitcoin Liquidation Heatmap" width="1552" height="1030" srcset="https://www.newsbtc.com/wp-content/uploads/2024/06/GPRhKe7bwAA0IDk.jpg?resize=1552%2C1030?w=1552 1552w, https://www.newsbtc.com/wp-content/uploads/2024/06/GPRhKe7bwAA0IDk.jpg?resize=1552%2C1030?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/06/GPRhKe7bwAA0IDk.jpg?resize=1552%2C1030?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/06/GPRhKe7bwAA0IDk.jpg?resize=1552%2C1030?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/06/GPRhKe7bwAA0IDk.jpg?resize=1552%2C1030?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/06/GPRhKe7bwAA0IDk.jpg?resize=1552%2C1030?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/06/GPRhKe7bwAA0IDk.jpg?resize=1552%2C1030?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"> 
At press time, BTC traded at $71,075. 
<img loading="lazy" decoding="async" class="wp-image-611513 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/06/BTCUSD_2024-06-05_09-02-16.png?resize=3628%2C1675" alt="Bitcoin price" width="3628" height="1675" srcset="https://www.newsbtc.com/wp-content/uploads/2024/06/BTCUSD_2024-06-05_09-02-16.png?resize=3628%2C1675?w=3628 3628w, https://www.newsbtc.com/wp-content/uploads/2024/06/BTCUSD_2024-06-05_09-02-16.png?resize=3628%2C1675?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/06/BTCUSD_2024-06-05_09-02-16.png?resize=3628%2C1675?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/06/BTCUSD_2024-06-05_09-02-16.png?resize=3628%2C1675?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/06/BTCUSD_2024-06-05_09-02-16.png?resize=3628%2C1675?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/06/BTCUSD_2024-06-05_09-02-16.png?resize=3628%2C1675?w=2048 2048w, https://www.newsbtc.com/wp-content/uploads/2024/06/BTCUSD_2024-06-05_09-02-16.png?resize=3628%2C1675?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/06/BTCUSD_2024-06-05_09-02-16.png?resize=3628%2C1675?w=1140 1140w, https://www.newsbtc.com/wp-content/uploads/2024/06/BTCUSD_2024-06-05_09-02-16.png?resize=3628%2C1675?w=3000 3000w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1">

Bitcoin Price Soars Past $71,000: Here’s Why

Table of Contents

NewsBTC

Other articles published on Jun 5, 2024

Solana (SOL) Price Prediction for June 5

Investors Pile Into Rebel Satoshi (RBLZ) Ahead Of 30x Speculation; BONK And Uniswap Holders Expec...

BlockDAG Keynote 2 Ignites Market; VeChain Ascends, SUI Struggling To Keep Up

Paxos Introduces Yield Earning Stablecoin

FLOKI Celebrates New ATH as FLOKI Price Catches Up With Platform Success, Altcoin Enters Price Di...

BlockDAG’s Dashboard Upgrade Boosts Presales to $41.6M Amid Shibarium Surge and ICP Volatility

Join our free newsletter for daily crypto updates!