Bitcoin breaks 70 thousand dollars for the first time
Bitcoin (BTC) rose 2.62% in the 24 hours to 08:05 am UTC, after hitting an all-time high of $71,415 on March 11.
According to CoinMarketCap data, the world's first cryptocurrency has increased by more than 10% in the last week and 47% in the last month. The new all-time high comes three days after Ether (ETH) breached the $4,000 mark for the first time since December 2021.
Bitcoin Hits New All-Time High 36 Days The highly anticipated Bitcoin halving event is set to occur on April 20, reducing mining rewards from 6.25 BTC ($418,800) to 3.125 BTC ($209,400).
Bitcoin hit a weekly close of 68,955 on March 10.
Related: Bitcoin mining revenue records second-best day in history
Bitcoin ETFs store more than 4% of the BTC supply
Bitcoin's bullish momentum is primarily due to increased institutional interest in the recently launched Bitcoin Exchange Traded Funds (ETFs) in the United States.
Since its launch, data from Dune shows, ETFs hold 4.06% of the current Bitcoin supply, outpacing $56.9 billion in total on-chain holdings. At this rate, ETFs are projected to receive 8.65% of the BTC supply annually.
The space Bitcoin ETFs accumulated a total of 33,000 BTC ($2.3 billion) last week, including the Greyscale GBTC fund, which saw an exit of 10,200 BTC, according to data from HODL15 Capital.
Digital asset manager Bitwise expects more institutions, representing “trillions of dollars in assets”, are preparing to buy Bitcoin ETFs at the end of June, according to an investment report sent to investors on March 9.
Meanwhile, Bitcoin whales continue to grab BTC despite new highs. As of March 9, the number of unique addresses holding at least 1,000 BTC has increased to 2,107 addresses. However, this is still less than the 2,489 addresses recorded in February 2021 when Bitcoin was selling above $46,000.
RELATED: Bitcoin Whales Not Selling Despite $70K – BTC Holdings Growth ‘Parabolic'
