Bitcoin (BTC) hits $71.5k following the launch of the Bitcoin spot ETF in Australia, now what is next?
The trade price of Bitcoin (BTC) surged 3% within 12 hours, as the Bitcoin spot ETF launched on the Aussie stock exchange Cboe.
The current trade price of Bitcoin (BTC), the top crypto asset by market cap, is $70,957 & this trade price is 2.97% higher over the last 24 hours.
It is worth it to note that, on June 4, Bitcoin spot ETFs saw a total net inflow of $887 million, the second highest in history. Grayscale’s GBTC had an inflow of $28.1957 million, Fidelity’s FBTC $379 million, and BlackRock’s IBIT $274 million. The total net asset value of Bitcoin spot ETFs is $61.46 billion.
Many people noted that high money inflow in the Bitcoin spot ETF market took place because of the hype around the BTC spot ETF launch on the Australian stock exchange Cboe.
People are currently facing peer pressure to buy Bitcoin at its near-all-time high price of $73,780, as Bitcoin is currently standing in post Bitcoin halving safe zone.
Even though most of the big Bitcoin investors avoid buying at such high prices, usually at ATH, but new institutional & big investors are purchasing Bitcoin through spot ETFs at these elevated prices. However, Bitcoin is still not receiving enough buying support at the $71,000 level to trigger significant price rallies.
Strange fight: BTC vs ETH
Over the last 10 days, many crypto analysts talked about the race of rate of money inflow in the Bitcoin & Ethereum market. Many analysts noted that Ethereum (ETH) getting more money inflow, over Bitcoin.
In short, the majority of the analysis predicted for significant pump in the trade price of Ethereum over Bitcoin but in reality, things are going totally opposite.
The current trade price of the Ethereum (ETH) coin is $3,797 & this trade price is 0.55% higher over the last 24 hours.
Read also: $69k level is at risk, as struggle for Bitcoin increases amid ETH spot ETF hype
