- Bitcoin ETFs had an impressive inflow of $886 million on June 4.
- Analysts are tipping a move to $74,000 if the May US jobs report, due on Friday, is positive for the market.
The American place Bitcoin [BTC] ETFs have ramped up accumulation even as lateral movements persist. Since May 13, spot ETFs have recorded consecutive positive net flows for two weeks.
The collective net inflow will take place on Tuesday, June 4 hit $886.75 million, largely driven by the 378.7 million inflow from Fidelity’s FBTC. Tuesday’s demand pushed BTC past $71,000 and above its level at the time of writing.
Source: SoSo value
Commenting on Tuesday’s massive inflow, Bloomberg ETF analyst Eric Balchunas called the inflow the “third wave,’
“Fidelity, no fuss, big money is pouring in all over the place today for The Ten, 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.’
BlackRock’s Bitcoin ETF surpassed $20 billion
BlackRock’s IBIT also recorded substantial inflows on Tuesday, reaching $274.4 million. The recent influx of IBIT has effectively pushed its AUM (assets under management) past the $20 billion mark.
As of June 3, BlackRock held 291.5K BTC, which was worth $20.1 billion based on current market prices.
Moreover, 21Shares/ARK Invest’s ARKB also recorded significant inflows worth $138.7 million on Tuesday. Surprisingly, even Grayscale’s GBTC saw an inflow of €28.2 million.
Most market watchers saw the notable inflows as another wave that could drive BTC prices higher.
One of the market watchers, HODL15 Capitalan entrepreneur and analyst, stated that the $74,000 target was achievable given the “lack of sell walls” on the order books on the major exchanges.
‘There are no significant sales walls. It wouldn’t take much buying demand to reach $74,000.”
Source: X/HODL15Capital
Another macro and crypto analyst, TedTalksMacrosuggested the move to $74K or higher could be confirmed after May’s US employment figures, scheduled for Friday (June 7).