Bitcoin Surges Past $70,000 to New All-Time High 

Bitcoin achieved a record-breaking milestone, hitting $71,415 on March 11. This surge marked a 2.62% increase within the preceding 24 hours, as per data analyzed up to 08:05 am UTC.

Over the past week, Bitcoin has exhibited robust performance, witnessing a remarkable 10% surge. Furthermore, it has soared by an impressive 47% over the course of the last month, based on CoinMarketCap data. This surge follows closely after Ether breached the $4,000 mark, an achievement not seen since December 2021.

All-Time High Precedes Halving Event

The timing of this all-time high is notable, occurring 36 days before the eagerly anticipated Bitcoin halving event scheduled for April 20. This event will result in a reduction of mining rewards from 6.25 BTC to 3.125 BTC.

Bitcoin’s upward trajectory is significantly influenced by growing institutional interest, particularly spurred by the recent introduction of spot Bitcoin exchange-traded funds (ETFs) in the United States. These ETFs have accumulated 4.06% of the current Bitcoin supply, amassing a total of $56.9 billion in on-chain holdings, according to Dune data.

Forecasts from industry experts indicate a continuing trend of institutional adoption. Bitwise, a digital asset manager, anticipates that institutions representing trillions of dollars in assets are gearing up to invest in spot Bitcoin ETFs by the end of June.

Bitcoin Whales Hold Steady Despite Market Highs

Despite Bitcoin’s ascent to new highs, significant holders are holding onto their BTC. As of March 9, the number of unique addresses holding at least 1,000 BTC has reached 2,107. This figure, while substantial, remains lower than the peak of 2,489 addresses recorded in February 2021 when Bitcoin surpassed $46,000.