Bitcoin has reached a new historic maximum, setting a record at $118,403.89 amid a sharp increase in inflows from exchange-traded funds (ETFs).
Bitcoin Hits New Record
Currently, Bitcoin reached a high of $118,403.89; however, the price subsequently retreated to $118,193.47. Despite this minor pullback, the price of Bitcoin has risen over 6% over the past 24 hours according to CoinMarketCap.
Short Liquidations Spike
As a result of Bitcoin's explosive rally, the largest short liquidations of the year occurred, amounting to over $1.02 billion. According to CoinGlass, approximately 237,000 traders were liquidated, underscoring the scale of the move. The largest loss was an $88.5 million BTC-USDT short on HTX.
ETF Inflows Continue to Rise
According to data from Farside Investors, Bitcoin ETF inflows surpassed $1.175 billion yesterday. Notably, the largest inflows have been recorded by BlackRock's IBIT fund, which continues to be a top choice for institutional investors with $448.5 million entering its reserves.
The record growth of Bitcoin and substantial ETF inflows attract attention in the cryptocurrency space and may influence future market trends.
