The price of Bitcoin has continued to rally around the $71,000 price after hitting $71,621 earlier this week, marking its fifth consecutive day of gains.
Bitcoin’s surge reflects a growing optimism across global markets, driven by expectations of Federal interest rate cuts, amongst several other factors.
Several investor’s and crypto traders’ sentiment remains Bullish as they prospect the price of Bitcoin to enter a new high, with the speculation that the bull run will go intense.
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According to an analysis by crypto expert Philip Swift, he stated that global liquidity has surged to a record $94 trillion, setting the stage for potential further upside in BTC prices.
Swift’s analysis stressed the critical role of global liquidity trends in influencing Bitcoin and crypto markets. He notes that the current conditions are highly favorable for BTC price appreciation and references sentiments from other liquidity-based analyses that predict bullish Bitcoin outcomes.
As financial conditions become more favorable, there is growing evidence of increased interest among institutional investors in Bitcoin and other risk assets. This is reflected in the amount of inflows in Bitcoin ETFs.
The report revealed that 9 Bitcoin ETFs added nearly $500 million in one day, with Fidelity FBTC leading the 2-day rally. These Bitcoin exchange-traded funds (ETFs) added millions worth of BTC on Thursday, and Fidelity Investments’ Fidelity Wise Origin Bitcoin Fund (FBTC) led the group, as per on-chain data.
The data compiled by blockchain analytics firm Lookonchain revealed that FBTC added 3,104 Bitcoin on Thursday worth around $221.3 million, based on current prices. BlackRock’s iShares Bitcoin Trust (IBTC) was the second-best Thursday as it added 2,186 BTC worth some $155.8 million.
In the past seven days, IBIT recorded 8,608 additional Bitcoin, while FBTC added 11,412 more Bitcoin. BlackRock’s IBIT remains the largest Bitcoin holder in the pack, with a total of 297,644 BTC holdings worth over $21 billion, but Fidelity’s FBTC, which has been on a roll in the past two days, now holds 173,715 Bitcoin worth over $12 billion.
Fidelity’s Bitcoin ETF also performed well the previous day, adding 5,378 BTC, while BlackRock’s IBIT, which has been a huge favorite among retail investors since the U.S. Securities and Exchange Commission (SEC) approved the funds in January, added 3,894 Bitcoin on Wednesday.
With the amount of Bitcoin ETFs inflows recording huge sums, several analysts predict that the price of BTC could hit a new all-time high.
Also, in anticipation of the upcoming U.S. election, Geoffrey Kendrick, Head of Forex and Digital Assets Research at Standard Chartered Bank, made bullish predictions regarding Bitcoin’s price. He forecasts that if Donald Trump wins, Bitcoin could hit $100,000 and potentially hit $150,000 by the end of the year.
Meanwhile, despite the surge in the price of Bitcoin, investors are urged to approach the market with caution and implement risk management strategies to protect their capital.