Bitcoin’s surge past $71K puts global attention on Bitcoin ETFs.

Bitcoin reached its highest trading levels in two weeks on June 5, fueled by renewed interest from institutional investors. After the daily close, BTC hit local highs of $71,286 on Bitstamp, with gains holding steady during the Asia session. Analysts believe that the recent surge in bullish momentum can be attributed to the inflow of nearly $900 million into U.S. spot Bitcoin exchange-traded funds (ETFs) on June 4. This marked the second largest single-day tally in the history of these ETFs. The largest global exchange, Binance, is now seen as a key player in reinforcing the uptrend. Material Indicators highlighted the resistance between the current spot price and the all-time highs at $73,800, with bidders placing liquidity above $69,000 to support the BTC price. In addition to the ETFs, QCP Capital noted that institutional investment worldwide is contributing to the positive outlook for Bitcoin. As BlackRock’s BTC spot ETF reached $20 billion in size, more countries, including Thailand and Australia, are approving and launching their own BTC spot ETFs. QCP expects that U.S. unemployment data, to be released later in the week, could further boost Bitcoin, particularly if it indicates a greater impact from restrictive financial policies than anticipated.