This morning, the price of Bitcoin reached its highest point at $71,275, just under $3,000 lower than the historical high set on March 14. 10x Research 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 breaking $70,000 last night, Bitcoin continued to rise and reached a peak of $71,275 around 9:30 am this morning, less than $3,000 away from the historical high set on March 14. As of the deadline, it temporarily reported $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 trends, including the rise of Bitget’s token $BGB by 16% following the launch of a new coin issuance platform, a 36% increase in POW coin KAS’s token $KAS after introducing KRC20 and blockDAG, Binance’s $BNB reaching a historical market value of $105 billion, and Ethena’s TVL reaching $3.1 billion with a 10% increase in $ENA in the past week due to the expansion of funding rates. In this context, 10x research remains optimistic about Bitcoin and has presented multiple buy signals in its reports on May 21, May 26, and May 30.
Bitcoin mining stocks have also been rising. BitDeer rose nearly 13% last night due to a $100 million investment from Tether, while Bitfarms rose as it became a major acquisition target in the industry. 10x Research advises traders to increase their risk and beta exposure, but also warns investors to be cautious of volatility.
Furthermore, 10x Research also mentioned the net inflow situation of Bitcoin spot ETFs. According to SoSo Value data, yesterday marked the 15th consecutive day of net inflows for the ETF, with an increase of 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 12’s $1.05 billion, which was before Bitcoin reached its historical high on March 14. The top three Bitcoin spot ETFs with the highest net inflows are Fidelity FBTC ($379.1 million), BlackRock IBIT ($274 million), and Ark & 21Shares ARKB ($139 million). Currently, Bitcoin spot ETFs have accumulated over $14.85 billion in inflows and hold a Bitcoin scale of $61.46 billion.