The price of Bitcoin has reached a significant milestone by surging past the $70k mark, driven by substantial inflows into spot Bitcoin ETFs. These ETFs have witnessed their second-highest daily inflows since their launch earlier in the year, reflecting a growing interest in cryptocurrencies.

Bitcoin's price soared by over 3%, hitting $71,152.04, while the newly-launched ETFs received an additional $886.6 million in reserves on June 4, according to preliminary data from Farside Investors.

Amidst the inflows, the Fidelity Wise Origin Bitcoin Fund (FBTC) led with $378.7 million, followed by BlackRock’s iShares Bitcoin Trust (IBIT) with $274.4 million and the ARK 21Shares Bitcoin ETF (ARKB) at $138.7 million. Following a record daily inflow of $1.04 billion on March 12, Bitcoin surged to establish a new all-time high of $73,679 on March 13.

Analysts are positive about Bitcoin's future, anticipating a new all-time high post the $70k breakthrough. Michael van de Poppe and Rekt Capital expect favorable trends for Bitcoin and altcoins after this milestone. Additionally, long-term Bitcoin holders are showing active engagement, with dormant wallet addresses coming to life after years of inactivity, hinting at a major market shift.