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Bitcoin, the largest cryptocurrency by market capitalization, is showing strong resilience at the $71,000 mark. The key factor behind this newfound investor confidence appears to be the U.S. spot Bitcoin ETFs clocking in their second-highest daily inflow of $886.75 million, according to data analytics platform Sosovalue.
Further, the total net inflow since the inception of the Bitcoin spot ETFs is nearing the $15 billion mark.
Bitcoin breached the $71.000 level on Tuesday. This led to a sharp rally in many of the BRC-20 tokens, like ORDI, PUPS, and more.
On June 4, the Thailand Securities and Exchange Commission approved One Asset Management’s spot Bitcoin exchange-traded fund, according to a report by the Bangkok Post.
This makes One Asset Management the first firm to offer spot Bitcoin ETFs in the country. However, regulators have said the fund will need to be limited to wealthy and institutional investors.
Thailand now joins a growing list of countries, like the U.S., the U.K. and Hong Kong, that now offer spot Bitcoin ETFs or equivalent products in their respective countries.
Marquee investors are calling for Bitcoin to cross the $100,000 mark.
“If we take $73,000 in the next couple of weeks or so, we are going to end the year at $100,000 or higher,” said Galaxy Digital CEO Mike Novogratz during an interview on Tuesday.
Staunch Bitcoin advocate Samson Mow echoed the same sentiment.
“Once we surpass the previous #Bitcoin ATH, recursive demand shock kicks in and it’s up all the way to $0.1M.” Mow said on Twitter.
Once we surpass the previous #Bitcoin ATH, recursive demand shock kicks in and it’s up all the way to $0.1M.
— Samson Mow (@Excellion) June 5, 2024
Further, investors are likely anticipating a rate cut by the Federal Reserve in the coming weeks.
Market participants are largely expecting a cut of at least 25 bps during the September Federal Open Market Committee meeting, with some investors hoping for a 50 bps cut, according to the CME FedWatch tool.
The Bitcoin price is up 3.2% in the past 24 hours and has gained nearly 10% in the past 30 days.
This increase in Bitcoin’s price has spurred investors’ interest in the market, as most coins with a market capitalization of more than $1 billion have been in the green in the past 24 hours.
FLOKI and ORDI are the biggest gainers, with both coins clocking in more than 20% in the past 24 hours.
Further, Uniswap, Stacks, BNB and Starknet, are all up between 10% and 20% in the past 24 hours.
Edited by Stacy Elliott.
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Source: https://decrypt.co/233929/bitcoin-stabilizes-as-etf-inflows-exceed-886-million-for-second-highest-day-ever
