Bitcoin ETFs Record $886M Inflows, Price May Surge to $74,000

Share on Facebook Share on Twitter

The Key Points at a Glance

Bitcoin ETFs recorded impressive inflows of $886 million on June 4th, drawing attention to the upcoming U.S. labor market data. Analysts are speculating whether this development could push the Bitcoin price up to $74,000. The ongoing accumulation in U.S. spot Bitcoin ETFs indicates a rising demand, while the cryptocurrency itself is experiencing sideways movement. Particularly noteworthy are the inflows into Fidelity’s FBTC and BlackRock’s IBIT, which raise the total assets to over $20 billion.

Extensive Inflows into Bitcoin ETFs

On Tuesday, June 4th, Bitcoin ETFs experienced a remarkable influx of capital, with Fidelity’s FBTC alone recording $378.7 million in inflows. The total inflows for the day reached nearly $886.75 million. These substantial investments drove the Bitcoin price over the $71,000 mark. Analysts see these inflows as a potential “third wave” that has the potential to further drive up the Bitcoin price.

BlackRock and Fidelity Leading the Market

BlackRock’s Bitcoin ETF, IBIT, and Fidelity’s FBTC are at the center of interest, with IBIT alone attracting $274.4 million in new investments on Tuesday. These recent inflows have lifted IBIT’s managed assets over the $20 billion mark. Other ETFs such as 21Shares/ARK Invest’s ARKB and Grayscale’s GBTC also recorded significant capital inflows, underlining the broad market acceptance and confidence in Bitcoin as an asset class.

Market Outlook and Price Forecasts

Market observers and analysts are optimistic that the Bitcoin price could reach the target of $74,000, especially in view of the upcoming release of U.S. labor market data. The lack of sell walls on the order books of major exchanges could make it easier for the Bitcoin price to reach this mark. The final confirmation for a possible upward price movement, however, could depend on the U.S. labor market data to be released on Friday.

Our Assessment

The recent capital inflows into Bitcoin ETFs are a strong sign of continued confidence in Bitcoin as an asset class. The substantial investments in Fidelity’s FBTC and BlackRock’s IBIT underline the rising demand and could pave the way for further price increases. While short-term price development will strongly depend on macroeconomic data, the ongoing accumulation in Bitcoin ETFs shows that both institutional and private investors continue to have great confidence in Bitcoin’s long-term potential. Ultimately, the upcoming U.S. labor market report could be decisive in whether Bitcoin will surpass the $74,000 mark or not.

Sources: AMBCrypto, Bloomberg, SoSo Value, X/HODL15Capital, TedTalksMacro

Share on Facebook Share on Twitter

The 3 best crypto casinos

100% without limit + 100 Free Spins
Welcome bonus
Cryptocurrencies (11)
  • Bitcoin Logo
  • Bitcoin Cash Logo
  • Dogecoin Logo
  • Ethereum Logo
  • Litecoin Casino
  • Ripple XRP Logo
  • Tether (USDT) Logo
  • tron-logo
  • usd-coin-logo
CoinKings review
Bonus Information CoinKings
Wagering requirements 35x bonus
35x free spins winnings
Minimum deposit €20
Maximum bet €5
Bonus validity 14 days for deposit bonus
7 days for free spins
  • There is no maximum bonus amount.
  • 10 Free Spins per day over ten (10) days on Gates of Olympus or Book of Ra Deluxe.
How did we rate this casino

In addition to an unlimited bonus, Coinkings.io has a lot to offer. We have a high tolerance for VPNs, an impeccable selection of cryptocurrencies and, above all, an experienced team that immediately provided a wide range of games. In combination, all of this is very convincing.

Author & Responsibility: Gregor Ziegler
Last update by Isabella Brown on 10. June 2024
Anjuan Gaming
Anjouan
Licence
Curaçao License
Curaçao
Licence
Up to 1 BTC + 100 Free Spins
Welcome bonus
BETSFTD
Cryptocurrencies (25)
  • Toncoin
  • Bitcoin Logo
  • Bitcoin Cash Logo
  • Chainlink_Logo
  • dai-logo
  • Dogecoin Logo
  • Ethereum Logo
  • Litecoin Casino
  • Polygon (MATIC) Signet
  • Ripple XRP Logo
  • Tether (USDT) Logo
  • tron-logo
  • usd-coin-logo
  • Zcash Signet (black)
Bets.io review
Bonus Information Bets.io
Wagering requirements 40x deposit + bonus
40x free spins winnings
Minimum deposit 0.00034 BTC or equivalent
Maximum bet 0.00003 BTC or equivalent
Bonus validity 30 days to claim
14 days to wager
  • Minimum deposit: 0.048 BCH • 0.0068 ETH • 0.26 LTC • 154 DOGE • 20 USDT • 40 XRP • 180 TRX • 48 ADA • 0.04 BNB • 20 BUSD • 20 USDC.
  • Maximum bet per round: 0.005 BCH • 0.0007 ETH • 0.03 LTC • 15 DOGE • 2 USDT • 4 XRP • 19 TRX • 4.8 ADA • 0.004 BNB • 2 BUSD • 2 USDC.
  • Free spins are credited on “Max Miner” by Gamebeat, 20/25 free spins per a day.
How did we rate this casino

Bets.io is our number 1 among crypto casinos because they have kept everything great about Dama Casinos, such as their excellent game selection and well-known reliability, while eliminating the frustrating KYC processes and traditional payment methods that can hinder the full crypto casino experience.

Author & Responsibility: Steven Harper
Last update by Isabella Brown on 19. June 2024
Curaçao License
Curaçao
Licence
100% up to 1 BTC
Welcome bonus
Cryptocurrencies (9)
  • Bitcoin Logo
  • Bitcoin Cash Logo
  • Dogecoin Logo
  • Ethereum Logo
  • Litecoin Casino
  • Tether (USDT) Logo
  • tron-logo
  • usd-coin-logo
Metaspins review
Bonus Information Metaspins
Wagering requirements 40x bonus
Minimum deposit 0,1 mBTC
Maximum bet $5 per spin
Bonus validity 7 days to wager
  • There is no cap on winnings or withdrawals.
How did we rate this casino

Metaspins is still a very young crypto casino, but it can already convince with a very modern website, a good selection of games and, above all, an excellent bonus.

Isabella Brown
Author & Responsibility: Isabella Brown
Last update by Michael Schmitz on 14. June 2024
Curaçao License
Curaçao
Licence

Latest News

Isabella Brown

Created by

Online Gambling, Greece and my dog Gringo are my three favorite things in my life. Before working for Kryptocasinos.com I was leading the content team of an iGaming Online magazine where I was focused on researching casinos, their licenses and the connection between the members of the industry.

Last update: 5. June 2024

kryptocasinos.com Logo Advertising transparency

We are independent, transparent and funded by revenue we generate when you sign up at a casino through us.

Our goal is to help you make better decisions when choosing a casino by offering different information, providing filters and comparison tables, and publishing objective content. Thus, we give you the opportunity to research for free, compare casinos and make your decision based on that.

We cannot guarantee that a casino that is very good for us will fit your type of player and your circumstances.

Why trust us?

We work according to transparent editorial guidelines and disclose our testing methods as well as funding. This article may contain links to our partners, but this does not influence our objective view in any way.

🍪
We use cookies. By using this site, you accept them.

Compare Casinos Choose up to 3 casinos to compare