Record-Breaking Run of Bitcoin
Bitcoin continues its record-breaking run, reaching an all-time peak of nearly $72,968 on Tuesday, marking the third record in five days. The surge is fueled by unprecedented capital inflows into crypto products and anticipation of a reduction in the digital token’s supply growth.
Institutional Adoption
Institutional demand for Bitcoin is on the rise, particularly in the United States, with the successful launch of spot Bitcoin exchange-traded funds (ETFs) driving recent momentum. ETFs from major players like BlackRock Inc. and Fidelity Investments have attracted a net inflow of about $9.5 billion, signaling growing institutional interest in the cryptocurrency market.
Global Acceptance
Internationally, acceptance and accessibility to Bitcoin investments are expanding. The London Stock Exchange announced plans to accept applications for Bitcoin and Ether exchange-traded notes, while Thailand’s securities regulator indicated openness to overseas crypto ETFs for retail buyers, further fueling market optimism.
Bitcoin Record-Breaking Run & Analyst Predictions
Market analysts foresee further gains for Bitcoin, with expectations of a push toward $80,000 in the months ahead. Technical analysts emphasize the potential for continued bullish momentum, citing a shift in the structure of the Bitcoin market and growing investor confidence.
Derivatives Market Growth
In the derivatives sector, Chicago-based CME Group’s Bitcoin futures market witnessed a surge in outstanding contracts, reaching a fresh peak of over 30,000 contracts. This increase reflects growing institutional demand for crypto-related exposure and hedging strategies in the United States.
Rise of “Millionaire Wallets”
The record-breaking run of Bitcoin is generating approximately 1,500 new “millionaire wallets” daily, according to crypto analytics firm Kaiko Research. This surge in wealthy investors is attributed to the bullish sentiment in the market, although it remains lower than the pace observed during Bitcoin’s 2021 bull run.
Bitcoin Record-Breaking Run in Anticipation of Halving Event
As Bitcoin approaches its halving event next month, which halves the supply of new Bitcoin, market sentiment remains bullish. Demand from ETFs, coupled with constrained supply and expectations of looser monetary policy, contribute to the optimistic outlook, overshadowing memories of previous market downturns.
At the time of this news release, Bitcoin is currently trading at $70,537.
