Bitcoin (BTC) saw a significant price surge of over 5% on Wednesday, bouncing back from a critical support range between $94,300 and $96,600 earlier this week.
The cryptocurrency briefly revisited its previous all-time high range before slightly retracting to trade around $100,780 by Thursday.
Meanwhile, Bitcoin Futures Open Interest (OI) saw a 6% increase, reaching approximately $62.8 billion. Despite this, Bitcoin’s funding rate has dropped notably, reflecting the recent wave of daily liquidations in the leveraged market.
Over the past year, the supply of Bitcoin on centralized exchanges has sharply declined, largely due to rising demand from institutional investors. In the last 30 days, about 120,000 BTC were withdrawn from these exchanges, leaving a remaining supply of around 2.23 million BTC.
Bitcoin’s growing institutional adoption is boosting its market outlook. According to data from Cryptoquant, long-term investors have been adding an average of $80 billion to Bitcoin every month over the past year, outpacing the total capital inflows of the past 15 years.
Whale investors, in particular, are accumulating Bitcoin in anticipation of potential approval for a U.S. strategic BTC reserve. In fact, U.S. spot Bitcoin ETFs saw a net inflow of about $223 million on Wednesday, pushing the total net inflows to approximately $34.58 billion.
Bitcoin giant Strategy has added another 4,980 BTC to its reserves in a purchase worth approximately $531.9 million, according to Executive Chairman Michael Saylor.
According to renowned market veteran Peter Brandt, trading isn’t the path to prosperity for the vast majority of people.
Charles Edwards, founder and CEO of Capriole Investments, has offered a fresh perspective on Bitcoin’s stalled price movement near the $100,000 mark, despite growing institutional enthusiasm.
Metaplanet has expanded its Bitcoin treasury with a new acquisition of 1,005 BTC valued at approximately $108.1 million, further cementing its status as one of the largest corporate holders of the digital asset.