Bitcoin Price Breaks Through $110,000 as Bitcoin ETF Scale Hits Milestone

TradingKey - With positive progress in China-U.S. trade negotiations, improved Trump-Musk relations, and ongoing advancement of the U.S. stablecoin legislation, Bitcoin's price has rebounded above the $110,000 mark and is approaching its all-time high. Against a backdrop where diversified investments are gaining favor, inflows into crypto funds have far outpaced those into gold and equities. The scale of BlackRock’s Bitcoin ETF has also set new records.On Monday, June 9, China and the United States resumed economic and trade talks in London, marking the first such discussions since the Geneva Agreement. The U.S. expressed willingness to "ease any export controls." This news — representing the strongest signal yet of U.S. concessions — boosted the S&P 500 toward record highs, while Bitcoin (BTC) looks poised to set a new all-time high at $111,970.At the time of writing, Bitcoin had risen approximately 4% over the past 24 hours to around $110,000, while Ether climbed about 8% to $2,680.BTC Price, Source: TradingKeyA major driver behind Bitcoin’s continued rise is the sustained inflow into Bitcoin ETFs. According to Bloomberg ETF analyst Eric Balchunas, BlackRock’s Bitcoin ETF — IBIT — reached $70 billion in assets under management in just 341 trading days, making it the fastest ETF ever to hit this milestone.Its growth rate was five times that of the previous record holder, the gold-backed GLD trust fund, which took 1,691 days to reach the same level.Additionally, data from Morningstar shows that crypto funds attracted net inflows of $7.05 billion in May — the highest since December 2024 — pushing total assets under management to a record $167 billion. By contrast, global equity funds saw net outflows of $5.9 billion during the same period, according to Lipper, while gold funds experienced their first net outflow in 15 months.Analysts suggest this reflects investors increasingly viewing cryptocurrencies as part of a diversified investment portfolio.Looking ahead, some analysts say that after breaking above $110,000, the Bitcoin market now stands at a “crossroads” between structural support and weakening momentum. Investors are awaiting the next macroeconomic catalyst — likely further developments in U.S.-China trade negotiations or the U.S. CPI report due on Wednesday.Also on Monday, U.S. Senate Majority Leader John Thune said Senate Republicans aim to pass a landmark stablecoin bill this week, with another procedural vote possibly taking place as early as Wednesday to advance debate on the bill.Find out more