Digital currency Bitcoin sets a new record, surging towards an astonishing $124,400 value.
Bitcoin Hits New All-Time High Amidst Longest Bull Market Ever
Bitcoin has reached a new all-time high of $124,457 on Wednesday, marking what Joe Consorti, head of growth at Theya Bitcoin, calls "the longest bull market ever" for the cryptocurrency.
The daily trading volume for Bitcoin surged 31% to $95.3 billion, while at least $130 million worth of liquidations occurred in BTC short positions. This surge in activity is primarily driven by increased institutional investment, supportive policy trends, weakening of the US dollar, and significant inflows of capital into Bitcoin as part of mainstream finance integration.
Compared to previous four-year cycles, the current bull market stands out for its stronger institutional backing, higher price levels and longer duration, structural changes such as tokenizing real-world assets, and a "bullish cooldown" phase. The current bull run was initiated after the 2024 halving and is characterized by unprecedented ETF approval and institutional participation, setting it apart from earlier cycles that peaked with retail-driven FOMO and post-halving speculative booms.
Robust inflows into spot BTC ETFs are driving Bitcoin's momentum, with data from CoinGlass showing total liquidations across the crypto market topped $426 million in the last 24 hours. Expectations of looser U.S. monetary policy and potential rate cuts are also contributing factors to Bitcoin's momentum.
According to Joe Consorti, the fourth quarter will determine whether Bitcoin's current price behavior continues or if the four-year cycles remain intact. As the market evolves, Bitcoin's integration into traditional finance and its growing appeal to institutional investors are making the current bull market structurally stronger with new growth drivers beyond just supply shocks.
This article is an excerpt from the Unchained Daily newsletter.
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[1] Di Iorio, M. (2021). The Institutionalization of Bitcoin: From Retail-Driven Markets to Treasury Strategies and ETFs. CoinDesk.
[2] Kim, J. (2021). Institutional Investment in Bitcoin: A Game Changer for the Cryptocurrency Market. Forbes.
[3] Kruger, T. (2021). The Evolution of Bitcoin's Four-Year Cycles: From Retail-Driven FOMO to Institutional Adoption. CoinTelegraph.
[4] Zhao, D. (2021). The Bullish Cooldown Phase: What It Means for Bitcoin's Current Bull Market. CoinDesk.
[5] Wang, S. (2021). The Unprecedented ETF Approval and Institutional Participation: Driving Forces Behind Bitcoin's Current Bull Market. CoinTelegraph.
Technology plays a significant role in the current bull market of Bitcoin, as institutional investors increasingly turn to digital assets for diversification and higher returns. This shift towards technology-driven investment in Bitcoin is leading to increased mainstream finance integration.
The robust inflows into spot Bitcoin ETFs, driven by technology-led investment platforms, are a key factor contributing to Bitcoin's unprecedented momentum. This integration of technology in investing is redefining the traditional finance landscape.
