Key Takeaways
- Bitcoin reached a new all-time high of $73,679, recovering quickly from a brief dip.
- Spot Bitcoin ETFs saw record inflows, with BlackRock's iShares Bitcoin Trust leading the charge.
- Institutional interest in Bitcoin is at an all-time high.
Bitcoin bulls quickly recovered from a dip to $69,000, pushing the price to new all-time highs.
On March 13, just before the Wall Street open, the price hit $73,679 on Bitstamp.
The previous day saw a brief consolidation around $72,000, with a sudden $4,000 drop quickly reversed.
ETFs drive institutional inflows
Spot Bitcoin ETFs experienced record daily inflows, with BlackRock’s iShares Bitcoin Trust leading the way.
On March 12, these ETFs saw a combined inflow of $1 billion, with 14,706 BTC added in a single day.
This represents a significant portion of the newly-mined supply in 2024.
The largest ETFs from BlackRock and Fidelity now hold over 330,000 BTC, five times the amount added by miners this year.
Market outlook and analysis
Overleveraged positions have been cleared, and the market is “looking good” for continued upside, according to trader Jelle.
Financial commentator Tedtalksmacro notes that the influx of institutional money is unprecedented, predicting that the price will continue to rise in the coming months.
