Bitcoin Surges Past $70,000 as Institutional Inflows Hit Record High

Bitcoin surged past the $70,000 mark for the first time in history, reaching an intraday high of $71,200 on major exchanges. The rally was fueled by record-breaking inflows into US spot Bitcoin ETFs, which saw over $800 million in net inflows on Tuesday alone.

According to data from Bloomberg Intelligence, BlackRock's IBIT and Fidelity's FBTC led the charge, accounting for 70% of total inflows. "This is a watershed moment for crypto adoption," said ETF analyst Eric Balchunas.

The surge also comes amid growing expectations of Federal Reserve rate cuts later this year.

Trading Takeaway: Watch for resistance at $72,000. A break above could trigger a rapid move toward $75,000.