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Bitcoin Hits New All-Time High, Breaching $71,000

Bitcoin reaches a new all-time high, breaching $71,000, fueled by increased institutional interest and the launch of spot Bitcoin ETFs in the United States.

Bitcoin has surged to a new all-time high, reaching $71,415 on March 11, marking a 2.62% increase in the 24 hours leading up to 08:05 am UTC. This milestone comes on the heels of Ether breaking the $4,000 mark for the first time since December 2021.

Record-Breaking Rally

Bitcoin's latest surge represents a remarkable 10% increase over the past week and a staggering 47% increase over the past month. These gains come just 36 days before the highly anticipated Bitcoin halving event scheduled for April 20, where mining rewards will be reduced from 6.25 BTC to 3.125 BTC.

Bitcoin's bullish momentum has been fueled by increased institutional interest, particularly from the recently launched spot Bitcoin exchange-traded funds (ETFs) in the United States. These ETFs have amassed 4.06% of the current Bitcoin supply, totaling over $56.9 billion in total on-chain holdings. It is projected that these ETFs will absorb 8.65% of the BTC supply on a yearly basis.

Institutional Interest and Whales

Institutional interest in Bitcoin ETFs is expected to grow further, with more institutions preparing to buy into spot Bitcoin ETFs by the end of June. Despite the new highs, Bitcoin whales, representing addresses holding at least 1,000 BTC, are holding onto their assets. As of March 9, there are 2,107 such addresses, although this is lower than the record 2,489 addresses reached in February 2021.

Bitcoin's recent surge underscores its resilience and attractiveness to both institutional and retail investors. As the market continues to mature, Bitcoin's role as a store of value and hedge against inflation becomes increasingly prominent.