BTC Surges 5.14% to 116,788 USDT as Institutional Inflows and ETF Demand Drive Momentum

BTCUSDT has surged 5.14% in the past 24 hours, currently trading at 116,788.32 USDT on Binance, with a 24-hour open of 111,074.51 USDT. The price increase is primarily attributed to renewed institutional interest, highlighted by BlackRock and Ark Invest's recent Bitcoin purchases totaling $182.6 million and a net inflow of $218 million into spot Bitcoin ETFs on July 9, 2024. Additional bullish sentiment is supported by increased trading activity—24-hour volume reached nearly $99 billion—and positive momentum in crypto-related stocks. Bitcoin’s market capitalization now stands at approximately $2.31 trillion, with the asset nearing a new all-time high and maintaining strong dominance in the broader cryptocurrency market.