Key dealers
- Bitcoin reached a new high height each week and closed over $ 106,000 and approaches its highest time.
- Institutional and ETF inflows drive Bitcoin’s award, with companies that increase their BTC holdings.
Bitcoin just ended the week with his strongest ending in history and sat down over $ 106,000 after a weekend’s rally, which is shown on Binance’s BTC/USDT chart.
The digital asset pressed as high as $ 107,000 on Sunday and reduced the gap until January all the time at $ 109,500 to just 2%.
After testing higher levels, Bitcoin relieved about $ 104,500 at press time. Analysts still look upwards as healthy consolidation in the midst of rising institutional flows and tightening of market supply, which indicates continued momentum in the short term.
Investor appetite for Bitcoin Investment Products remains robust. USA-listed Spot Bitcoin ETFs registered net inflows of $ 608 million, and built at strong speed from the previous week, per districtist.
Blackrock’s Ishares Bitcoin Trust topped the top list and withdrew more than $ 840 million, more than the combined net inflow on the rest of the market.
“This is not a melting-it’s a structurally supported move,” said analyst at Bitfinex in a comment on Bitcoin’s latest breakout. “As long as ETF and institutional flows remain and macro remain stable, dip is likely to be short and purchased aggressively. The road with the least resistance will remain higher.”
Company’s demand for bitcoin also remains strong and steady. On Monday, Strategy, the largest business owner of BTC, announced The acquisition of an additional 13,390 BTC for approximately $ 1.3 billion, which gives its total holding at 568,840 BTC.
The company’s aggressive accumulation strategy continues to set the pace of institutional adoption.
A growing number of new and existing companies have either adopted Bitcoin or announced plans to keep it as a strategic reserve supply, many of which are expected to continue to buy BTC in the coming months.
At the same time, the global race between nations is also expected to establish sovereign bitcoin reserves to accelerate, which further tightening the supply in the coming years.
According to Matt Hougan, Head of Investment Manager at Bitwise, is now significantly exceeding the supply. With miners who are expected to produce only 165,000 BTC this year, public companies and ETF have already acquired more than that.
Hougan sees this structural imbalance as an important driving force that can drive Bitcoin in addition to $ 100,000, with $ 200,000 as the next big goal.
