Bitcoin soared to a new record high of $111,888 earlier today on the Bitstamp exchange. The leading cryptocurrency experienced a significant 8% surge within the past 24 hours and is now boasting a market cap approaching $2.2 trillion, surpassing even Amazon. Though this price movement has been highly impressive, it’s characterized by unusually low trading volume for its peak periods. Analyst Conor Grogan notes this unusually quiet rally. Metrics like Google search volume and daily exchange volume show that retail investors haven’t joined the party yet.
A key contributing factor to this surge is a massive influx of Bitcoin ETFs, with inflows hitting $614 million on Wednesday, setting a new record for the third consecutive day. Analysts predict continued institutional interest in Bitcoin as the price continues to climb. Notably, BlackRock’s IBIT ETF has recently entered the top five U.S. ETF by inflows.