BTC price remains steady above $69,000; analysts say increased spot Bitcoin inflows could take the price higher.
Bitcoin is on the verge of entering a “parabolic run”, fueled by increasing inflows into U.S. spot Bitcoin exchange-traded funds (ETFs), according to crypto analysts.
Spot Bitcoin ETFs have witnessed positive flows for 19 straight days, with close to $1.7 billion coming this week alone, according to data from Farside Investors. Analysts say if this trend continues, Bitcoin’s (BTC) price will surpass its all-time high of $73,835 set in March.
As of June 6, more than $15.5 billion have flowed into spot Bitcoin ETFs with the funds holding around 5.2% of all BTC in circulation, according to data from HODL15Capital.