Bitcoin Reaches New All-Time High Near $100K with Major ETF Inflows
Bitcoin (BTC) surged to an all-time high (ATH) of approximately $99,486 during the early European session, nearing the anticipated price target of $100K. Daily trading volume exceeded $113 billion as Bitcoin's fully diluted valuation surpassed $2.08 trillion, positioning it to potentially surpass Alphabet Inc (NASDAQ: GOOGL) in market value and exceeding Saudi Aramco Base Oil.
The recent surge in Bitcoin prices has caused increased volatility in the crypto market, resulting in over $400 million liquidated from leveraged positions in the past 24 hours, predominantly affecting short traders and contributing to a short squeeze.
Increased Institutional Demand
High demand from institutional investors and U.S. spot BTC ETF issuers is fueling Bitcoin's price increase. As of November 21, U.S. spot BTC ETFs have recorded about $30 billion in net inflows, with nearly $106 billion in total assets under management. BlackRock’s IBIT saw a net cash inflow of approximately $608 million, totaling nearly $48 billion in assets, while Fidelity’s FBTC registered about $300 million in inflows, reaching around $20 billion.
Whales continue to accumulate $BTC!
This whale has accumulated a total of 3,577 $BTC($330M) in the past 4 days and currently holds 25,298 $BTC($2.5B)!https://t.co/8mNHj6aKqY pic.twitter.com/8mv9P59fuE
— Lookonchain (@lookonchain) November 22, 2024
A whale investor recently acquired 3,577 BTC, bringing their total holdings to 25,298 BTC valued at over $2.5 billion. MicroStrategy Inc (NASDAQ: MSTR) made significant moves this week by purchasing 51,780 BTC, increasing its total to 331,200 coins. Additionally, MicroStrategy completed a $3 billion offering of convertible notes, indicating potential future purchases.
Future Projections
Bitcoin has entered a discovery phase, with bullish momentum strengthening over the past three weeks. Historical trends suggest Bitcoin could reach between $137K and $150K before a major correction.
$BTCUSD Getting there with the monthly candle. Possible long-term signal for the coming months/year. https://t.co/E8pOBuXROF pic.twitter.com/ZuYzWFdgtC
— Aksel Kibar, CMT (@TechCharts) November 22, 2024
Additionally, altcoins such as Solana (SOL), Cardano (ADA), and Ripple-backed XRP (XRP) are gaining traction. Bitcoin’s dominance remains above 60%, suggesting that a reversal could trigger an altseason rally soon.