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Bitcoin eyes a new all-time high with 4% gap

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Bitcoin is inching closer to its all-time high, with the price soaring to $71,200 on Tuesday, just 4% away from the historic peak of $73,700 established earlier in March. The rally is fueled by massive inflows into US spot Bitcoin exchange-traded funds (ETFs), with data from HODL15Capital showing that these funds collectively witnessed $887 million in net inflows on June 4, marking the second-highest such inflow ever recorded.

Meanwhile, Marathon Digital, one of the largest Bitcoin mining firms, has sold over 60% of all Bitcoin it mined since the halving took place in late April. The company’s move to sell a significant portion of its BTC production in May highlights the adjustments miners are making to their operations following the reduction in mining rewards. As the competition intensifies, miners are seeking to expand their fleets, improve efficiency, and explore overseas expansion to remain competitive.

VanEck, a prominent asset manager, has projected Ethereum to reach $22,000 by 2030, representing a 487% increase from current levels. The forecast is based on Ethereum’s anticipated generation of $66 billion in “free cashflows” and its potential in the artificial intelligence (AI) sector. The recent approval of spot Ethereum exchange-traded funds (ETFs) in the US has also contributed to VanEck’s optimistic outlook for the second-largest cryptocurrency.

  • Bitcoin eyes all-time high with 4% gap as ETFs attract massive inflows
  • Largest Bitcoin mining firm sold 63% of mined BTC in May
  • VanEck forecasts Ethereum to reach up to $154,000 by 2030

Data powered by CoinGecko.

Bitcoin eyes all-time high with 4% gap as ETFs attract massive inflows

Industry experts suggest that the crypto market is set for a “bright June” due to anticipated spot Ethereum ETF developments. The recent surge in Bitcoin’s price signals a positive turn after several weeks of moving sideways, with the cryptocurrency trading close to $71,000, up almost 3% in the last 24…

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