Bitcoin Rises Sharply as US ETFs Set Investment Records - 100k mark in June?
Bitcoin, the largest cryptocurrency by market capitalization, is showing strong resistance at the $71,000 mark. The main driver behind this renewed investor confidence seems to be the significant inflow into US spot Bitcoin ETFs, which recorded the second-largest daily inflow of $886.75 million, according to the data analysis platform Sosovalue.
Furthermore, the total net inflow since the inception of US spot Bitcoin ETFs is approaching the $15 billion mark.
On Tuesday (June 4), Bitcoin surpassed the $71,000 level. This surge led to a strong recovery in many BRC-20 tokens, such as ORDI, PUPS, and others.
On June 4, the Securities and Exchange Commission of Thailand approved the Bitcoin ETF by One Asset Management, according to a report by the Bangkok Post.
Thailand now joins a growing list of countries, including the US, the UK, and Hong Kong, that offer spot Bitcoin ETFs or equivalent products in their respective markets.
Many prominent investors are advocating for Bitcoin to surpass the $100,000 mark. “If we reach $73,000 in the next few weeks, we will end the year at $100,000 or more,” said Galaxy Digital CEO Mike Novogratz in an interview on Tuesday.
Samson Mow, a staunch Bitcoin advocate, shared a similar sentiment. “Once we surpass the previous ATH of #Bitcoin, the recurring demand shock kicks in, and it climbs to $0.1 million,” Mow said on X.
The price of Bitcoin has risen 3.2% in the last 24 hours and has gained nearly 10% in the past 30 days. This increase in the price of the leading cryptocurrency has sparked investor interest in the market, with most crypto assets with a market capitalization of over $1 billion turning green in the last 24 hours.
FLOKI and ORDI have seen the most significant gains, with both registering over 20% in the past 24 hours. Additionally, Uniswap, Stacks, BNB, and Starknet have risen between 10% and 20% in the last 24 hours.
