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Bitcoin rises above $100K

ETF activity indicates very strong investor interest

Yesterday, Bitcoin surged to $103,500, hitting an all-time high, and has since fallen slightly to $101,000 now. In the blockchain industry, Paul Atkins will be the new chairman of the Securities and Exchange Commission, replacing Gary Gensler, who will step down in 2025. Net inflows into U.S. bitcoin ETFs remain very high, reaching $501 million on Tuesday.

In fact, the average purchase price for short-term Bitcoin holders is $75,000, so these addresses are “sitting” on an unrealized gain of about 35% on average, suggesting that without very high inflows into the Bitcoin market, we could see a short-term correction. However, for now, the cryptocurrency is on an upward trend and ETF activity indicates very strong investor interest, despite the standard “price discovery” trend dominating the ATH.