In the past 24 hours, Bitcoin (BTC) has broken out of its consolidation zone and reached new all-time highs on several crypto exchanges.
Bitcoin's Surge to Record Values
Bitcoin has shown strong growth, reaching a price of $112,000 on some trading platforms. This surge has become a major event in the cryptocurrency market.
Analyzing Coinbase Premium
According to analyst Burakkesmeci from the CryptoQuant platform, increased interest in BTC in the US has fueled this growth. The Coinbase Premium rose to 42 points, indicating that investors on the largest US crypto exchange are paying $42 more per BTC than on Binance. This uptick in the index highlights a significant increase in demand among US investors.
Burakkesmeci notes that the current premium level is not a weekly high, as it peaked at 87.76 points last week, suggesting stronger buying pressure.
Institutional Interest and ETF Demand
The rise in Coinbase Premium coincides with an increase in flows in the US spot exchange-traded fund (ETF) market. Over the last 21 trading days, there has been only one day of outflows. So far in July, ETFs have attracted over $4.5 billion in positive flows.
There is also a growing interest from institutional investors, with several corporate treasuries adopting Bitcoin strategies.
Interest in Bitcoin remains high, and despite potential macroeconomic challenges, many analysts predict a continuing bullish trend if demand from ETFs and institutional investors does not wane.
