Bitcoin Closes Week At $106,000, 12% Gain Driven By ETF Inflows

Bitcoin experienced a remarkable surge, reaching a weekly close of $106,000, marking its highest weekly close to date. This significant increase comes after a steady rally throughout May, where Bitcoin climbed from approximately $94,000 to above $106,000 before settling near $105,400. The surge has been attributed to strong ETF inflows and bullish long-term forecasts, with some analysts predicting that Bitcoin could reach $200,000 in the future. The price surge has also pushed 97% of Bitcoin's supply into a profit zone, indicating a widespread bullish sentiment among investors.

The surge in Bitcoin's price has been accompanied by record transaction fees on the Bitcoin network. As the price of Bitcoin nears $106,000, the rising costs and dwindling supply have led to increased mining incentives. This has resulted in a significant increase in transaction fees, with some analysts predicting that this trend could continue as Bitcoin's price continues to rise.

The surge in Bitcoin's price has also been accompanied by a significant increase in its market capitalization. Bitcoin's market capitalization has surpassed $2.1 trillion, making it one of the largest assets in the world. This increase in market capitalization has been driven by a combination of factors, including strong ETF inflows, bullish long-term forecasts, and a widespread bullish sentiment among investors.