In the wake of Ether crossing the $4,000 threshold for the first time since 2021, Bitcoin has soared to its highest level, reaching $71,415.
On March 11, at 08:05 AM UTC, Bitcoin achieved a new high of $71,415 after a 2.62% increase over the last 24 hours, according to CoinMarketCap data. The world’s premier digital currency has seen over a 10% increase in the past week and a 47% rise over the last month. This new peak comes just three days after Ether surpassed the $4,000 mark for the first time since December 2021. Bitcoin’s ascent to its latest height occurred 36 days before the anticipated Bitcoin halving event set for April 20, which will see mining rewards decrease from 6.25 Bitcoin ($418,800) to 3.125 Bitcoin ($209,400).
Bitcoin registered its highest weekly close at $68,955 on March 10, a few days following its previous peak of $69,200 on March 5. This bullish trend can largely be attributed to the growing institutional interest spurred by the recent launch of Bitcoin Exchange-Traded Funds (ETFs) in the United States. Data from Dune indicates that since their inception, these ETFs have amassed 4.06% of the current Bitcoin supply, totaling over $56.9 billion in on-chain assets. At this rate, ETFs are projected to attract 8.65% of Bitcoin’s supply annually. According to HODL15 Capital, Bitcoin ETFs collected a total of 33,000 BTC ($2.3 billion) last week, including the Grayscale GBTC fund, which saw an outflow of over 10,200 Bitcoin.
A March 9 investment report sent to investors indicates that Bitwise, a digital asset management firm, expects more institutions representing trillions of dollars in assets to prepare for Bitcoin ETF purchases by the end of June. Meanwhile, despite reaching new highs, Bitcoin whales are continuing to hold on to their BTC. The number of unique addresses holding at least 1,000 Bitcoins, known as whales, reached 2,107 by March 9.
