Bitcoin Soars Past $121K
Bitcoin Hits New All-Time High Above $121,000
Bitcoin reached a new record high of $121,000 on Sunday night, surpassing the $120,000 mark after earlier breaking through $119,000. According to TradingView data, Bitcoin was trading around $120,835 at the time of writing, representing a 30% increase since the beginning of the year and more than double its value from a year ago.
Key Drivers of the Bitcoin Surge
- Strong ETF Inflows: US spot Bitcoin ETFs saw over $2.7 billion in net inflows this week, with daily inflows exceeding $1 billion on both Thursday and Friday. BlackRock's iShares Bitcoin Trust (IBIT) led with over $1.7 billion in inflows.
- On-Chain Data: Glassnode data shows long-term holders are accumulating more Bitcoin (~19,300 BTC/month) than miners are producing (13,400 BTC/month), indicating a tightening supply.
- Positive Regulatory Sentiment: 'Crypto Week' brought optimism with the potential passage of key bills aimed at improving clarity and regulation in the digital asset space.
This rally follows a week of consistent gains fueled by on-chain activity, increased institutional investment, and growing belief in a more favorable regulatory landscape. The sustained net absorption of Bitcoin by a broad range of holders is contributing to a structural supply shortage, potentially fueling further price increases.
Regulatory Outlook and Future Predictions
Lawmakers are currently considering crucial legislation that could significantly affect the crypto market, including the GENIUS Act (stablecoins), the CLARITY Act (regulatory jurisdiction), and bills related to blockchain infrastructure. The potential for clearer regulation contributes to the current positive market sentiment.
John Glover, Ledn's Chief Investment Officer, suggests this price surge signals the beginning of the final bull run phase. He forecasts Bitcoin could reach $130,000 by year's end, possibly followed by a brief correction and a final rally to $136,000, completing a multi-year bull cycle.
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