Bitcoin (BTC) surged past $70,000, reaching $71,785, driven by spot buying and interest in Bitcoin ETFs. Despite some analysts suggesting market top patterns, on-chain indicators point to a nascent bull market. The recent $60,000 support bounce spurred $950 million in inflows, a level last seen in March, as reported by Farside Investors. Bitcoin's 51% year-to-date gain aligns with expectations of U.S. monetary expansion, as the M2 monetary base surpassed $21 trillion in April 2024, indicating rising inflation. Additionally, BTC reserves on exchanges hit a seven-year low at 1,918,417 BTC as of May 19, according to CryptoQuant, amid reduced new supply post-halving, supporting a bullish outlook.
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