Bitcoin (BTC) reached a new all-time high of $71,415 on March 11, following a 2.62% surge in the 24 hours leading up to 08:05 am UTC.
BTC has surged over 10% in the past week and 47% in the past month, according to CoinMarketCap data. This milestone comes just three days after Ether (ETH) breached the $4,000 mark for the first time since December 2021.
Bitcoin’s new all-time high comes 36 days before the highly anticipated Bitcoin halving event scheduled for April 20. This event will halve mining rewards from 6.25 BTC to 3.125 BTC.
Bitcoin recorded its highest-ever weekly close of $68,955 on March 10, following its previous all-time high breach on March 5. Institutional interest, notably generated by recently launched spot Bitcoin exchange-traded funds (ETFs) in the United States, has contributed significantly to BTC’s bullish momentum.
Since their launch, Bitcoin ETFs have accumulated 4.06% of the current BTC supply, totaling over $56.9 billion in on-chain holdings, according to data from Dune. This accumulation rate suggests ETFs may absorb 8.65% of the BTC supply annually. Last week alone, spot Bitcoin ETFs amassed a total of 33,000 BTC ($2.3 billion), including notable outflows from Grayscale’s GBTC fund.
Digital asset manager Bitwise anticipates further institutional participation, potentially representing trillions of dollars in assets, in spot Bitcoin ETFs by the end of June, according to a March 9 investment report.
Despite reaching new highs, Bitcoin whales, or addresses holding at least 1,000 BTC, continue to retain their holdings. As of March 9, there are 2,107 such addresses, although still lower than the record reached in February 2021.
Bitcoin’s recent all-time high reflects continued bullish momentum, propelled by institutional interest and anticipation surrounding the upcoming halving event. The accumulation of BTC by ETFs and sustained confidence from Bitcoin whales indicate ongoing optimism within the crypto market.
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