Key Points
- Bitcoin ETFs saw an inflow of $886 million on 4th June, largely driven by Fidelity’s FBTC.
- Analysts suggest that Bitcoin could reach $74K if the US May job report is positive for the market.
Bitcoin’s Exchange Traded Funds (ETFs) experienced a significant inflow of $886 million on the 4th of June. This surge was primarily due to Fidelity’s FBTC’s inflows of 378.7 million. This demand pushed Bitcoin’s value above $71K.
Bloomberg ETF analyst Eric Balchunas referred to this significant inflow as the ‘third wave’. He commented on the substantial flows for The Ten and noted that the ‘third wave’ is turning into a tidal wave.
BlackRock’s Bitcoin ETF Crosses $20 Billion
BlackRock’s IBIT also saw considerable inflows on the same day, amounting to $274.4 million. This has led to its Asset Under Management (AUM) exceeding the $20 billion mark. As of 3rd June, BlackRock had 291.5K Bitcoin, valued at $20.1 billion based on current market prices.
21Shares/ARK Invest’s ARKB and Grayscale’s GBTC also recorded significant inflows of $138.7 million and 28.2 million respectively. Many market observers view these remarkable inflows as a new wave that could drive Bitcoin prices higher.
Analysts Predict Bitcoin Reaching $74K
HODL15 Capital, an entrepreneur and analyst, suggested that a $74K target for Bitcoin was feasible due to the ‘lack of sell walls’ on order books across major exchanges. Another analyst, TedTalksMacro, proposed that the move towards $74K or higher could be confirmed after the May US employment data, which is scheduled for release on Friday (June 7th).
