Coin Edition -
- Bitcoin hits $98,151, setting a new all-time high and nearing $100K.
- Spot Bitcoin ETFs attracted $1.84 billion in inflows over three days.
- Corporate giants like MicroStrategy drive adoption with massive Bitcoin purchases.
Bitcoin soared past $98,000 to pave the way for a potential $100K breakthrough. The unprecedented surge is driven by a combination of 1.84 billion ETF inflows and aggressive demand for Bitcoin calls.
BTC has just broken through $98,000, setting a new all-time high and is now trading at $98,151. QCP said, it's now closer than ever to that 100k milestone. Throughout the week, our desk observed aggressive demand in March and June Calls, signaling investors' long-term bullish…— Wu Blockchain (@WuBlockchain) November 21, 2024
Currently trading at $98,151, the dominant crypto is riding a bullish wave, fueled by growing institutional interest. Data shows that demand for Bitcoin has risen exponentially in March and June calls, signaling confidence in its long-term growth. A major catalyst is Bitcoin spot ETFs, which have drawn $1.84 billion in inflows over just three days.
Institutional Adoption Drives Bitcoin’s Momentum
For instance, MicroStrategy, a major Bitcoin adopter, is expected to raise $2.6 billion to expand their BTC reserve, further solidifying Bitcoin’s position as a mainstream financial asset. Other traditional corporations are also integrating Bitcoin into their coffers.
Case in point, Acurx Pharmaceuticals has reportedly acquired $1 million worth of Bitcoin. integrating Bitcoin into their reserves, underscoring its growing acceptance as a hedge against inflation and a store of value. A combination of corporate adoption and increasing capital inflows has sparked broader market optimism towards BTC.
US-based Spot ETFs Propel Bitcoin’s Rise
As Bitcoin continues its upward trajectory, market analysts highlighted the increasing importance of ETFs in driving demand. Since their launch, U.S.-based spot Bitcoin ETFs accounted for $29.4 billion in net flows this year. Both retail and institutional investors are capitalizing on the momentum, with strong buying pressure supporting the price above $97,000.
The prospect of Bitcoin breaking the $100K mark is stronger than ever. With consistent inflows, growing corporate adoption, and easing monetary policy from central banks, Bitcoin’s price is expected to maintain its momentum as the year ends.