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Bitcoin price surged to $71,767 on Bitstamp due to increased inflows into spot Bitcoin ETFs, with analysts noting a strong link between these inflows and the price rise.
The notable demand for Bitcoin (BTC) has helped the flagship coin pump towards its all-time high (ATH) together with some altcoins.
Thailand has now joined the United States, Hong Kong, and Australia in the race for Bitcoin accumulation through regulated channels.
Asset issuers globally generated around $2 billion of inflows in crypto-related investment products in May.
The Binance exchange lost approximately $67 million within the last day, accounting for about 44.74% of the entire loss. During the same period, more than $46 million were liquidated from OKX, while Bybit lost around $20 million.
Despite hitting an all-time high of $73,800 nearly three months ago, BTC still needs to revisit these levels, stalling in its price discovery phase.
ARKB’s negative flow contrasts with the overall flow of the US spot ETFs, which logged their 13th consecutive day of combined net inflows on the same day.
Eric Balchunas, a Bloomberg ETF analyst, is optimistic about BlackRock’s amended S-1 filing, considering it a positive sign for the future launch of Ethereum ETFs.
Despite the bullish predictions for the two top digital assets, it is meme coins that are witnessing a surge in market performance today.
The high sponsor fee for Grayscale’s GBTC has pushed investors away to other more liquid and favorable similar Bitcoin products such as IBIT, and FBTC.
The exploit comes seven days after Gala Games, one of the prominent players in the industry, suffered a malicious security attack that led to the loss of $23 million of users’ assets.
Many crypto enthusiasts expected that trading of the spot Ethereum ETF should follow its launch immediately, as it was with Bitcoin ETFs.
All of the spot Bitcoin ETFs globally collectively hold 1,002,343 BTC, or 5.08% of the current circulating supply of coins, which is 19,704,484.
Bitcoin whales have remained largely inactive in the recent past compared to the top altcoins such as Ethereum, and Ripple-backed XRP.
The collaboration will see Nomura try to launch stablecoins for the yen and the dollar to users in the Japanese market.