#Bitcoin Hits New High of $71,000 Driven by Massive ETF Inflow Wave

Bitcoin, the world's leading cryptocurrency, reached a new all-time high of $71,166 on Binance today, rising 2.9% over the past 24 hours. This price surge was primarily fueled by massive inflows into U.S. spot Bitcoin ETFs.

Record ETF Inflows Propelling Bitcoin's Price Rise

The U.S. spot Bitcoin ETFs have witnessed large net inflows for 16 consecutive days. Yesterday alone, the inflows amounted to $886.6 million, with Fidelity leading the pack at $378.7 million, setting a new record for the fund.

Other major funds like BlackRock, Ark, Bitwise, Grayscale, and VanEck also recorded significant inflows. Notably, BlackRock's iShares Bitcoin ETF surpassed $20 billion in assets, becoming the fastest ETF to reach this milestone.

Stale Supply Limiting Price Upside

Despite the strong inflows, renowned crypto analyst Byzantine General noted that the price increase could have been more pronounced if not for the significant stale supply on spot exchanges.

Another on-chain analyst, Willy Woo, also warned that the continued rise could trigger a substantial short squeeze, with $1.5 billion in short positions ready to be squeezed up to $75,000 and a new all-time high.

Stable Futures Market and Upside Potential

Importantly, the price increase was not due to the liquidation of short positions in the BTC futures market, with only $27.58 million in shorts liquidated over the past 24 hours.

With the robust ETF inflows and stability in the futures market, Bitcoin could continue its upward trajectory, although supply issues and short squeeze risks may arise.$BTC