Bitcoin ETFs see $1B in inflows: Will BTC hit $74K now?
Bitcoin ETFs saw high demand as market watchers shifted focus on US job report.
- Bitcoin ETFs had an impressive $886 million inflow on 4th June.
- Analysts tipped a move to $74K if the US May job report, set for Friday, turns out positive for the market.
The US spot Bitcoin [BTC] ETFs have ramped up accumulation even as sideway movements persist. Since 13th May, the spot ETFs have recorded over two weeks of consecutive positive net flows.
On Tuesday, the 4th of June, the collective net inflow hit $886.75 million, largely driven by Fidelity’s FBTC’s 378.7 million inflows. The Tuesday demand saw BTC top $71K and was above the level as of press time.
Reacting to the massive inflows on Tuesday, Bloomberg ETF analyst Eric Balchunas called the inflows the ‘third wave,’
“Fidelity not messing around, big-time flows all around today for The Ten, nearly $1b in total. Second best day ever, since Mid-March. $3.3b in past 4wks, net YTD at $15b (which was top end of our 12mo est). The ‘third wave’ is turning into tidal wave.’
BlackRock’s Bitcoin ETF crossed $20B
BlackRock’s IBIT also recorded substantial inflows on Tuesday, netting $274.4 million. Recent IBIT inflows have effectively tipped its AUM (asset under management) to cross the $20 billion mark.
As of June 3rd, BlackRock had 291.5K BTC, which was worth $20.1 billion based on current market prices.
Additionally, 21Shares/ARK Invest’s ARKB also recorded significant inflows worth $138.7 million on Tuesday. Surprisingly, even Grayscale’s GBTC saw 28.2 million in inflows.
Most market watchers viewed the remarkable inflows as a new wave that could drive BTC prices higher.
One of the market watchers, HODL15 Capital, an entrepreneur and analyst, stated that the $74K target was feasible given the ‘lack of sell walls’ on order books across major exchanges.
“No sell walls to speak of? Wouldn’t take much buying demand to get to $74,000’
Another macro and crypto analyst, TedTalksMacro, suggested that the move towards $74K or higher could be confirmed after the May US employment data, scheduled for Friday (June 7th).
