Bitcoin (BTC) achieved a fresh all-time high of $71,415 on March 11 after experiencing a 2.62% increase in the 24-hour period leading up to 08:05 am UTC.
According to data from CoinMarketCap, the world’s first cryptocurrency rallied over 10% in the past week and 47% in the past month. This new all-time high comes just three days after Ether (ETH) surpassed the $4,000 mark for the first time since December 2021.
Bitcoin reached this milestone 36 days before the highly anticipated Bitcoin halving event scheduled for April 20. During this event, mining rewards will be reduced from 6.25 BTC ($418,800) to 3.125 BTC ($209,400).
On March 10, Bitcoin recorded its highest-ever weekly close at 68,955, following its previous all-time high of $69,200 on March 5.
The bullish momentum of Bitcoin can largely be attributed to increased institutional interest sparked by the recent launch of spot Bitcoin exchange-traded funds (ETFs) in the United States. According to data from Dune, these ETFs have amassed 4.06% of the current Bitcoin supply, totaling over $56.9 billion in on-chain holdings. It is projected that ETFs will absorb 8.65% of the BTC supply on an annual basis.
Last week, the spot Bitcoin ETFs accumulated a total of 33,000 BTC ($2.3 billion), with Grayscale’s GBTC fund experiencing outflows of over 10,200 BTC, as reported by HODL15 Capital.
Bitwise, a digital asset manager, anticipates that more institutions, representing “trillions of dollars in assets,” will invest in spot Bitcoin ETFs by the end of June, according to an investment report sent to investors on March 9.
Despite the new highs, Bitcoin whales are holding onto their BTC. As of March 9, the number of unique addresses holding at least 1,000 BTC, also known as whales, has increased to 2,107. However, this is still lower than the record of 2,489 addresses reached in February 2021 when Bitcoin was trading above $46,000.