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Highlights
- Bitcoin price is eyeing a potential rebound to the $72,000 mark
- The digital currency is currently benefitting from the spot Bitcoin ETF inflows
- Predictions for the coin's growth is as high as $350,000 for this year
The Bitcoin (BTC) price seems poised to hit $72,000 as the leading digital asset experienced massive investment inflows today. Data from Lookonchain reveals that nine spot ETFs collectively gathered a net inflow of $492 million, stacking 6,907 BTC in the process.
Major Spot Bitcoin ETF Contributors: BlackRock and Fidelity
Notably, nine spot ETF entities collectively added 6,907 BTC, equivalent to $492.4 million. These inflows have elicited positive market sentiments in the broader cryptocurrency space, particularly among investors.
Jun 6 Update:
9 ETFs added 6,907 $BTC(+$492.4M).#Blackrock added 2,186 $BTC(+$155.86M) and currently holds 297,644 $BTC($21.22B).#Fidelity added 3,104 $BTC(+$221.3M) and currently holds 173,715 $BTC($12.38B).https://t.co/wucafYoyew pic.twitter.com/8yZ1quINgv
— Lookonchain (@lookonchain) June 6, 2024
A critical view of the distribution reveals that Blackrock, one of the major contributors, added 2,186 BTC, amounting to $155.86 million, bringing its total holdings to 297,644 BTC, valued at $21.22 billion. On its part, Fidelity also saw substantial inflows, adding 3,104 BTC worth $221.3 million. With the addition, Fidelity’s total Bitcoin holdings now stand at 173,715 BTC, valued at $12.38 billion.
Fidelity has seen significant inflows prior to these current figures. Notable inflows occurred on June 5 when FBTC ETF received $200 million worth of inflows. The transaction saw its net inflows within a 48-hour period to almost $600 million.
Market watchers say the influx of capital into Bitcoin ETFs highlights the growing institutional interest and confidence in the digital asset. This is projected to set the stage for a potential surge to $72,000. However, as per CoinMarketCap data, Bitcoin price has dipped below the $71,500.00 level as it is currently trading at $71,230.90, down 0.56%.
Institutional Confidence and Bullish Bitcoin Price Predictions
Meanwhile, there is optimism in the broader market regarding Bitcoin price resurgence as investors, particularly institutional players have leaned heavily on the accumulation of the asset. The prevailing market sentiment is that Bitcoin may soon breach its record $73,837 level to set another all-time high. Many investors are targeting BTC’s all-time high shooting past $74,000.
The projection is pinned on three on-chain indicators namely Bitcoin whale reaccumulation, Bitcoin price NVT golden cross, and Bitcoin volatility index and adjusted market-value-to-realized-value ratio, MVRV. The current MVRV aligns well with a smooth progression towards a possible price surge.
Although the current price of Bitcoin is yet to hit its previous all-time high record, some analysts are still bullish on BTC. Notably, Robert Kiyosaki, the “Rich Dad Poor Dad” author, predicts Bitcoin will soar to $350,000 before the end of this year.
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