Bitcoin (BTC) broke through $111,000 for the first time early Thursday, setting a fresh all-time high as capital continues to pour into the asset from an increasingly institutional class of buyers.
BTC rose nearly 3.5% to touch $111,878 during Asian morning hours, CoinGecko data shows, lifting overall market capitalization 1.7%.
Major tokens from xrp to dogecoin (DOGE) showed little movement The demand isn’t just coming from crypto-native funds or retail traders.
Publicly listed companies increasingly treat BTC as a treasury asset, using capital markets to raise cash and buy more of the token.
Contracts for $110,000, $120,000 — and even $300,000 — expiring in late June currently hold the most open interest on Deribit, suggesting traders are positioning for more upside before summer ends.”
Early on Thursday, Bitcoin (BTC) crossed over $111,000 for the first time, reaching a new all-time high as money keeps flowing into the asset from a growing number of institutional buyers.
According to CoinGecko data, Bitcoin increased by almost 3 points to reach $111,878 in the morning hours of Asia, increasing the market capitalization by 1 point. Significant tokens moved very little from XRP to DOGE.
Crypto-native funds and individual traders are not the only sources of demand. Increasingly, publicly traded corporations use capital markets to raise money and purchase more Bitcoin, treating it as a treasury asset.
In a Telegram message, Jeff Mei, COO at BTSE, stated, “We believe that big institutions are driving Bitcoin’s rally.”. This pattern is probably going to continue, particularly as more businesses access public markets and ETF inflows continue to be robust. In May alone, net ETF demand was $3.06 billion.
“Traders of options have taken notice. The contracts with the highest open interest on Deribit at the moment are those for $110,000, $120,000, and even $300,000 that expire in late June, indicating that traders are setting up for further gains before the summer is over. “..”.
JPMorgan Chase is reportedly providing clients with access to bitcoin after years of public skepticism, indicating a more profound change in the way traditional finance perceives crypto exposure.
The biggest bank in the United States. S. In a message to CoinDesk, Ryan Lee, chief analyst at Bitget Research, stated, “Its decision gives Bitcoin a new layer of legitimacy, possibly pushing other traditional financial institutions toward similar offerings to avoid falling behind.”.
despite macroeconomic challenges such as a downgraded U.S. dollar, rising bond yields, and geopolitical noise. S. In a note released on Thursday, QCP Capital stated that bitcoin has demonstrated “remarkable resilience” in terms of its credit rating.
They also stated that “a breakout to new highs could ignite a fresh wave of FOMO,” which would draw in sidelined retail capital and drive prices higher. “”.
