Bitcoin Eyes $74K as BTC ETFs See Record $1B in Net Inflows
Summary
Bitcoin rose above $73,000 early Wednesday, reversing Tuesday's losses following a $360 million liquidation event. This increase came after a record day of exchange-traded fund (ETF) inflows in both dollars and bitcoin. Spot bitcoin ETFs received over 14,706 BTC, or over $1 billion, in net inflows on Tuesday, surpassing the previous record of $673 million set in February. Blackrock reported a record $849 million of inflows, while Grayscale led outflows at $79 million. Total inflows exceeded the $4 billion mark. The price movement suggested institutional buying, and the overall market sentiment remains bullish among professional investors. Some predict a "sell-side crisis" later this year as ETF buying demand continues to rise.
