Bitcoin Poised For New All-Time High Amid Strong ETF Inflows

Bitcoin has experienced a sharp increase, surpassing $70,000 this week, and market sentiment is buzzing with speculation about its potential to set a new all-time high.

Despite this optimism, there is uncertainty among traders about how much further Bitcoin can rise.

One of the key drivers of this recent surge is the substantial net inflow into Bitcoin Exchange-Traded Funds (ETFs). On May 24, 2024, the net inflow summed up to an impressive $252 million, marking ten consecutive days of positive net inflows. 

Notably, BlackRock’s Bitcoin ETF (IBIT) recorded a robust inflow of $182 million, highlighting strong institutional interest. Meanwhile, Grayscale’s Bitcoin Trust (GBTC) saw zero flow after two days of small outflows, suggesting a stabilization in its activity.