Bitcoin hits new all-time high above $121K as bulls tighten their grip
Key Takeaways
- Bitcoin neared $120,000, with strong ETF inflows driving price momentum.
- Lawmakers are considering major legislative changes impacting the crypto market.
Bitcoin hit a new record high of $121,000 on Sunday night after breaking through $119,000 earlier in the day and clearing the $120,000 mark, according to TradingView data . Bitcoin hovered around $120,835 at press time, up 30% since the start of the year and more than double its price from a year ago.
Bitcoin’s latest rally caps off a week of steady gains, driven by on-chain trends, increased institutional participation, and growing confidence in a more supportive regulatory environment.
According to Glassnode, long-term holders are currently absorbing more Bitcoin than miners are issuing. Wallets holding less than 100 BTC have been accumulating around 19,300 BTC per month, while monthly miner issuance stands at just 13,400 BTC.
The persistent net absorption, spread across a broad base of holders, is contributing to a structural supply squeeze that could provide further support for upward price momentum.
According to data from Farside Investors, US spot Bitcoin ETFs accumulated 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) dominated the flows, recording more than $1.7 billion in inflows over seven days.
Optimism is also built around regulations, with “Crypto Week” in focus as a possible turning point for the crypto sector.
Lawmakers are set to debate three key bills that could finally bring clarity to digital asset oversight, including measures addressing stablecoins (GENIUS Act), blockchain infrastructure, and the jurisdiction of regulatory agencies (CLARITY Act).
Ledn Chief Investment Officer John Glover suggests that Bitcoin’s recent price surge supports the commencement of the final bull run phase.
He projects Bitcoin will likely reach $130,000 by the end of this year, potentially followed by a short-term correction and then a final rally to $136,000, marking the completion of a multi-year bull cycle.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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