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Home»Bitcoin»Bitcoin Price Surges Past $71,000: Here’s Why
Bitcoin

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

2024-06-05No Comments3 Mins Read
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Bitcoin is up 2.9% over the past 24 hours, reaching a high of $71,166 on Binance today, marking its highest price since May 21. This rally appears to be fueled primarily by robust inflows into US spot Bitcoin ETFs, with the sector in its 16th edition. consecutive day of net inflow.

Why did the Bitcoin price rise today?

Yesterday alone, these ETFs saw inflows of $886.6 million, with Fidelity leading the way with $378.7 million, setting a new record for the fund. BlackRock wasn’t far behind, with substantial inflows totaling $274.4 million. Other major contributors included Ark with $138.7 million, Bitwise with $61 million, and the Grayscale Bitcoin and VanEck Bitcoin Trust with $28.2 million and $4 million, respectively.

Good morning fellow hockers,

We had an absolutely insane day of inflows yesterday with $886.6 million in inflows (that’s ~12,500 BTC)

Fidelity did $378.7 million, Blackrock $274.4 million, Ark $138.7 million and Bitwise 61 million.

Even $GBTC had an inflow worth $28.2… pic.twitter.com/KaDdmTrq9p

— WalvisPanda (@WalvisPanda) June 5, 2024

The continued interest is further evidenced by BlackRock’s iShares Bitcoin ETF surpassing $20 billion in assets, becoming the fastest ETF to reach this milestone, reflecting significant momentum and investor enthusiasm.

Related reading

Eric Balchunas, a Bloomberg ETF analyst, highlighted the magnitude of these inflows. to report, “Fidelity isn’t messing around, there’s big money flowing around for The Ten today, almost $1 billion in total. Second best day ever, since mid-March. $3.3 billion in the last four weeks, net YTD $15 billion (which was the high end of our last twelve month estimate). The ‘third wave’ is turning into a tidal wave.”

See also  Binance supports Stacks network upgrade: Bitcoin L2 scaling takes a step forward

Despite the positive inflow dynamics, Byzantine General (@ByzGeneral), a prominent crypto analyst, noted that the price increase could have been more pronounced. He highlighted the presence of substantial passive supply on spot exchanges, which could dampen price growth.

Related reading

Yesterday he noted: “Today the volume was high, and the base of the perpetrators even dropped a little. I think we have good ETF flows today, but… They are buying a lot of passive offerings on spot exchanges.” He went on to say today: “What did I say, big ETF inflows. But all the passive offering is like an unstoppable force colliding with an immovable object.”

Bitcoin offerings on exchanges
BTC Volume Delta and Cumulative Volume Delta | Source: @ByzGeneral

Moreover, it is important to note that the price increase was not caused by the liquidation of short positions in the BTC futures market, where only $27.58 million worth of shorts were liquidated in the last 24 hours, according to Coinglass data.

However, Willy Woo, a renowned supply chain analyst, warned that a sustained rise could trigger a significant short squeeze. Wow said via $1.5 billion in short positions ready to be liquidated to $75k and a new all-time high.”

Bitcoin liquidation heatmap
Bitcoin liquidation heatmap | Source:

At the time of writing, BTC was trading at $71,075.

Bitcoin price
Bitcoin Price Surpasses $71,000, 1-Day Chart | Source: BTCUSD on TradingView.com

Featured image created with DALL·E, chart from TradingView.com



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