- Bitcoin has marched to a new all-time high today, breaking past its previous best of $108.8k USD ($168k AUD).
- The move comes as institutional inflows into spot ETFs ramp up and 2025 Q1 macroeconomic instability starts to settle.
It’s been a wild ride since Bitcoin’s last all-time high on January 20th, 2025.
After much excitement and anticipation of a pro-crypto presidency in the United States, the global economy was plunged into an all-encompassing state of uncertainty.
But, after nearly four months, the dust is finally beginning to settle.
Although traditional markets are still on the road to recovery, cryptocurrency has defied broader trends to restabilise over the past few weeks.
With gains starting to add up across the board, Bitcoin has landed yet another milestone along its storied history – a new all-time high (ATH); earlier this morning it hit US$109,767 (AU$170,528), but has since pulled back to trade at US$108,276 (AU$168,212).
What’s Driving Bitcoin’s Price?
Macroeconomic umming and ahhings are still being felt across most financial sectors, but the rise of crypto over the past week has demonstrated investors gaining confidence in risk-on assets.
A big win for the sector was Coinbase’s inclusion in the S&P 500 in the past couple of days, showing the intersection of TradFi and crypto is growing.
Further, institutional flows into spot Bitcoin ETFs have ramped up to rarely seen levels. So far, May has witnessed nearly $3 billion USD ($4.65 billion AUD) of inflows, bringing total assets held by providers to over $120 billion USD ($186 billion AUD).
Add on interest rates staying put and inflation data starting to settle, Bitcoin is starting to flex its muscles.
Now the question remains – how many more ATHs are we going to see this year?
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