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On June 9, Bitcoin (BTC) surged past $110,000, recovering from the losses incurred during last week’s selloff as investors shifted back towards digital assets, driven by robust ETF inflows, alleviating macroeconomic concerns, and a resurgence of optimism in risk markets.
The leading cryptocurrency reached an intraday peak of $110,653 after hitting a daily low of $105,426 earlier in the day during trading sessions in Asia and the UK. At the time of reporting, Bitcoin was priced at $110,200, reflecting a 4.10% increase over the previous 24 hours.
This significant rise is attributed to strong demand from institutional and corporate investors, particularly through spot Bitcoin ETFs, which have been a major factor in this upward movement. Furthermore, diminishing geopolitical tensions between the US and China, along with positive momentum regarding a US Bitcoin reserve, have fostered renewed market optimism.
Spot exchange-traded cryptocurrency funds launched by BlackRock, Fidelity, and other prominent US companies have collectively attracted over $11 billion in inflows over the last seven weeks, reinforcing Bitcoin’s integration into conventional financial portfolios.
On-chain analytics indicate that BTC reserves on centralized exchanges are continuing to decrease, implying diminished selling pressure even as prices rise. This latest development may also help restore investor confidence after the asset struggled to maintain levels above $108,000 earlier this week.
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Bitcoin’s upward trend aligns with new accumulation from notable firms. Strategy confirmed a recent acquisition of 1,045 BTC between June 2 and June 6. Additionally, corporate interest in utilizing Bitcoin as a treasury asset is on the rise, with an increase in filings observed in recent weeks.
While volatility remains high, the breakout above $110,000 could pave the way for a move towards $115,000 and eventually $120,000, provided macroeconomic conditions stay favorable, aligning with Standard Chartered’s forecasts for the second quarter.
The broader cryptocurrency market also demonstrated resilience, despite trading significantly below its all-time highs. Ethereum (ETH) rose nearly 6% to $2,660, while Solana (SOL) increased by 4% to $159 at the time of reporting.
Additionally, BNB and XRP saw gains of 2% and 2.53%, respectively, while Dogecoin (DOGE) and Sui each experienced approximately 6% growth over the past day.
Despite the increasing optimism, sharp reversals could still occur in the event of ETF outflows or renewed macroeconomic pressures arising from geopolitical risks.
The post Bitcoin climbs back to $110k amid sustained corporate, institutional interest appeared first on CryptoSlate.
