Bitcoin Price Surpasses $71,000 Amid $886.6 Million ETF Inflows, Second-Largest Day

Jun 4, 2024, 07:32 PM

Bitcoin has reached significant milestones in recent days, with its price surpassing $70,000 and nearing an all-time high. This surge is largely attributed to the substantial inflows into Bitcoin exchange-traded funds (ETFs). On June 4, Bitcoin ETFs saw net inflows of $886.6 million, marking the second-largest inflow day since their inception. Major contributors to these inflows include BlackRock, which added $275 million, Fidelity, which added $379 million, Ark with $138.7 million, Bitwise with $61 million, and Grayscale with $28.2 million. The continuous inflows have been driven by growing institutional interest and investor confidence, as evidenced by 16 consecutive days of net purchases by Bitcoin ETFs. The increased demand is also reflected in the rising realized cap of Bitcoin, which approaches $600 billion, signaling heightened investor confidence post-halving. Additionally, the approval and impending launch of Ethereum ETFs are expected to further bolster the crypto market, potentially leading to a supply crunch for Ethereum.