Institutional support is behind Bitcoin surpassing the $111,000 barrier
The price of Bitcoin has reached its highest historical level, surpassing $111,000.
The rise in Bitcoin's price was supported by a significant capital influx from institutions.
Despite fears of an imminent decline, data from “CryptoQuant” indicates that the market remains in a stable upward trend, with speculation and profit-taking indicators remaining at low levels.
Network data shows that short-term investors have not sold, and the accumulation and gathering of Bitcoin by institutions is increasing, reinforcing the sustainability of growth.
Exchange-traded funds, led by BlackRock's “IBIT” fund, have recorded continuous positive inflows, bringing its holdings to more than 636,000 Bitcoins, outpacing all other funds combined.
Analyses suggest that this rise is structurally different from previous cycles, as it is driven by institutions rather than individuals, and is fueled by market maturity and increasing recognition of Bitcoin as a store of value.
Forecasts indicate the possibility of Bitcoin reaching $115,000 or even $120,000 in the near term, with continued weak individual participation.
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