Monday, March 11, 2024: Bitcoin price is at $71,829 at 11:47 am UTC, achieved a groundbreaking milestone by reaching a new all-time high of $71,829, exhibiting a 2.62% surge within 24 hours. The cryptocurrency’s remarkable rally of over 10% in the past week and an impressive 47% surge in the last month, as reported by CoinMarketCap, underscores its robust performance.
Ether (ETH) had set the stage for this upward trajectory three days earlier by breaching the $4,000 mark for the first time since December 2021. Notably, Bitcoin achieved this historic high 36 days before the anticipated Bitcoin halving event scheduled for April 20, a development that will witness mining rewards reduced from 6.25 BTC ($418,800) to 3.125 BTC ($209,400).
The record-breaking ascent was further highlighted by Bitcoin’s highest-ever weekly close of $68,955 on March 10, closely following its previous all-time high of $69,200 on March 5. The momentum behind Bitcoin’s bullish run is primarily attributed to heightened institutional interest fueled by the recent introduction of spot Bitcoin exchange-traded funds (ETFs) in the United States. Since their launch, these ETFs have amassed an impressive 4.06% of the current Bitcoin supply, amounting to over $56.9 billion in total on-chain holdings, according to data from Dune.
Projections indicate that ETFs are expected to absorb 8.65% of the BTC supply annually at this rate. In the past week alone, spot Bitcoin ETFs, including Grayscale’s GBTC fund, garnered a total of 33,000 BTC ($2.3 billion). Interestingly, despite the surge, Bitcoin whales, individuals, or entities holding substantial amounts of BTC, are holding onto their assets. As of March 9, there were 2,107 unique addresses, often called whales, holding a minimum of 1,000 BTC.
Although this figure is notable, it is still below the record high of 2,489 addresses observed in February 2021 when Bitcoin was trading above $46,000. In light of these developments, digital asset manager Bitwise anticipates further institutional participation, with institutions representing “trillions of dollars in assets” expected to invest in spot Bitcoin ETFs by the end of June, according to a March 9 investment report sent to investors.
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