This Thursday morning, during European trading hours, Bitcoin (CRYPTO: BTC) hit a new all-time high of $98,310, bringing the total net value of US Cryptocurrency exchange-traded funds (ETFs) to around $100 billion, a milestone only reached 10 months after its launch in January.
What happened to Bitcoin
Over the past three days, Bitcoin ETFs have seen $1.84 billion in net inflows, reflecting strong investor confidence.
US-based ETFs have contributed $29.4 billion in net flows this year, cementing their role as the main driver of capital into Bitcoin.
Nate Geracipresident of The ETF Store, highlighted through x growing demand for Bitcoin ETFs and revealed that requests for funds linked to other digital assets, including Solarium (CRYPTO: SUN), Ripple (CRYPTO:XRP) and Hedera (CRYPTO: HBAR), are also on the way.
Bitcoin hit $97,900 earlier this week before hitting $98,310, supported by aggressive demand for long-term call options and positive headlines on corporate adoption, according to QCP Capital.
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Why is it important
Companies like MicroStrategy Inc. (NASDAQ:MSTR) are fueling the bullish sentiment, with the firm raising $2.6 billion to expand its Bitcoin portfolio.
MicroStrategy’s market capitalization has already surpassed $100 billion, and it dominated US trading volume on Wednesday night.
Furthermore, small businesses such as Acurx Pharmaceuticals (NASDAQ:ACXP) are joining the trend, and are reportedly allocating $1 million to Bitcoin for their corporate treasuries.
The unprecedented success of Bitcoin ETFs signals a growing mainstream acceptance of cryptocurrencies.
BlackRock (NASDAQ:BLK) and Fidelity They are among 12 issuers contributing to this $100 billion milestone, and analysts point to these funds as a major factor in Bitcoin’s recent rally.
Eric Balchunassenior ETF analyst at Bloomberg, noted that December 31 could be an optimal time to file applications for new crypto ETFs, including one linked to Dogecoin (CRYPTO: DOGE).
Meanwhile, aggressive options buying for March and June indicates long-term bullish sentiment among investors.
With Bitcoin approaching the psychological milestone of $100,000, the market is expected to remain bullish, supported by looser monetary policies and sustained institutional demand.
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