BTC price remains steady above $69,000; analysts say increased spot Bitcoin inflows could take the price higher.
Bitcoin is on the verge of entering a “parabolic run”, fueled by increasing inflows into U.S. spot Bitcoin exchange-traded funds (ETFs), according to crypto analysts.
Spot Bitcoin ETFs have witnessed positive flows for 19 straight days, with close to $1.7 billion coming this week alone, according to data from Farside Investors. Analysts say if this trend continues, Bitcoin’s
BTC
tickers down
$69,087
price will surpass its all-time high of $73,835 set in March.
As of June 6, more than $15.5 billion have flowed into spot Bitcoin ETFs with the funds holding around 5.2% of all BTC in circulation, according to data from HODL15Capital.
As such, analysts say among other factors impacting the price, continued inflows into ETFs will see BTC breach key resistance levels into price discovery.
Independent trader Jelle shared a BTC weekly chart in a post on X with the price fighting resistance from the $72,000 psychological level.
The price “keeps pushing back into” this barrier, declared the trader, adding that “with massive ETF demand, and neutral funding,” it's only a matter of time” before the price rises higher.
"Fidelity not messing around," Bloomberg Senior ETF analyst Eric Balchunas said in an X post on June 5 after the previous day's $379 million upswing.
“The 'third wave' is turning into a tidal wave,” Balchunas added, alluding to the potential implication of the inflows on BTC’s price.
The recent jump in flows has come as demand for digital asset-focused investments resumes with May seeing $2 billion inflows, a result of growing investor comfort with the assets and perception that regulators have become more receptive to them.