This morning, the price of Bitcoin soared to a high of $71,275, just under $3,000 lower than the historical high set on March 14th. 10x Research optimistically predicts that Bitcoin will reach a new high next week. At the same time, the net inflow of Bitcoin spot ETF reached $886 million yesterday, the second-highest in history.
After surpassing $70,000 last night, Bitcoin continued to rise and reached a peak of $71,275 around 9:30 am today, less than $3,000 away from the historical high set on March 14th. As of the time of writing, it was temporarily reported at $71,079 with no significant selling pressure. The market continues to watch whether it can reach a new high.
10x Research predicts that Bitcoin will reach a new high next week. In its latest article, the research institution mentioned several market situations, including the rise of Bitget’s token $BGB by 16% following the launch of a new coin issuance platform, the 36% increase of POW coin Kaspa’s token $KAS after introducing KRC20 and blockDAG, Binance’s $BNB reaching a historical high market value of $105 billion, and Ethena’s TVL reaching $3.1 billion with a 10% increase in $ENA over the past week due to the expansion of funding rates. Against this background, 10x Research continues to be optimistic about Bitcoin. Their report on May 21st presented several buying signals and encouraged investors not to miss the opportunity. Their report on May 26th explored whether Bitcoin will reach a new high, followed by their report on May 30th further elaborating that inflation is the main driving force behind Bitcoin’s rise.
Bitcoin mining stocks are also rising, with BitDeer benefiting from Tether’s $100 million investment and rising nearly 13% last night, while Bitfarms rose due to becoming a major acquisition target in the industry. 10x Research emphasizes that it is a time for traders to take risks and increase beta exposure, but also reminds investors to be cautious of high volatility.
In addition, 10x Research also mentioned the net inflow situation of Bitcoin spot ETFs. According to SoSo Value data, yesterday was the 15th consecutive day of net inflow for the ETF, and the net inflow volume increased more than 8 times compared to the previous day, reaching $886 million. This is the second-highest performance since its launch, second only to March 12th’s $1.05 billion, which was before Bitcoin reached its historical high on March 14th.
The top three Bitcoin spot ETFs with the highest net inflow are Fidelity FBTC with $379.1 million, BlackRock IBIT with $274 million, and Ark & 21Shares ARKB with $139 million. Currently, Bitcoin spot ETFs have accumulated over $14.85 billion in assets under management, with a Bitcoin holding of $61.46 billion.