In the last 24 hours, the price of #Bitcoin (BTC) experienced a recovery, rising to $71,000 and potentially aiming to reach new all-time highs. The rise occurred just a week before the Fed's meeting on June 12, reflecting investors' confidence in this year's rate cuts by the Fed. Currently, the BTC price is only 5% below its all-time highs, entering a new price range.
Bitcoin ETF Inflows
Investors increasingly expect the Fed to cut rates in early November, following data showing slowing U.S. inflation and a weakening job market. Additionally, strong inflows into spot Bitcoin ETFs have contributed to the rise in BTC price. On June 4, Bitcoin spot ETFs saw a significant net inflow of $887 million, marking the second-highest single-day net inflow on record.
Contributors to the inflow included Grayscale's GBTC ETF with an inflow of $28.2 million, Fidelity's FBTC ETF with $379 million, and BlackRock's IBIT ETF with $274 million. The total net asset value of Bitcoin spot ETFs currently stands at $61.46 billion. There is increasing global demand for Bitcoin ETF products, with Australia and Thailand being the latest countries to offer investment products.
Altcoins Rise
Additionally, the 30-day short-term correlation between Bitcoin and U.S. technology stocks in the Nasdaq 100 Index is currently at its highest level since early 2023. This indicates that any gains in the Nasdaq 100 could be accompanied by corresponding increases in Bitcoin. Meanwhile, altcoins have generally risen. BNB increased by over 10% in the last 24 hours to $690, with its market cap surpassing $100 billion for the first time since early December 2021.
TON also rose by more than 8%, making it one of the largest cryptocurrencies. BNB's over 100% rise this year reflects improved perceptions of Binance. This comes after the exchange admitted to violating U.S. anti-money laundering and sanctions laws in November and faced a significant $4.3 billion fine.
