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Bitcoin Hits Record High of $111,878 Amid Surging Institutional Demand
Bitcoin (BTC) surged to a new all-time high of $111,878 early Thursday, driven by strong inflows from institutional investors. According to CoinGecko, BTC climbed 3.5% during Asian trading hours, pushing the total crypto market capitalization up by 1.7%. While major altcoins like XRP and Dogecoin remained mostly flat, Bitcoin's momentum continued to build.
The rally is being fueled not just by retail traders or crypto-native funds, but increasingly by publicly listed companies using Bitcoin as a treasury asset. These firms are leveraging capital markets to raise funds and accumulate BTC, further tightening supply and boosting demand.
“We believe large institutions are behind Bitcoin’s latest surge,” said Jeff Mei, COO at BTSE. “This trend is expected to persist, especially with strong ETF inflows—May alone saw net inflows of $3.6 billion.”
Options traders are also bullish. On Deribit, contracts for $110,000, $120,000, and even $300,000 expiring in late June hold the most open interest, indicating expectations of further gains before summer ends.
In a sign of shifting sentiment on Wall Street, JPMorgan Chase is now reportedly offering Bitcoin access to its clients. “As the largest U.S. bank, this move adds major legitimacy to Bitcoin,” said Ryan Lee, chief analyst at Bitget Research. “It could pressure other traditional institutions to follow suit.”
Despite macroeconomic challenges like rising bond yields and a downgraded U.S. credit rating, Bitcoin has remained resilient. “A breakout to new highs may trigger fresh FOMO,” noted QCP Capital, “drawing in sidelined retail capital and pushing prices even higher.”
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