Bitcoin, the leading digital currency, has surpassed $71,000. It continues to rise ahead of the upcoming Halving event.
The price of Bitcoin has reached an all-time high, surpassing $71,000 while the upward trend continues. According to Coinmarketcap, at 3:25 PM today, BTC reached a new ATH of $71,607.51.
Within a span of six days, the world’s leading cryptocurrency has witnessed a more than 40% increase, bringing it close to the $72,000 mark. This is a significant milestone leading up to the highly anticipated Halving Bitcoin event on April 20.
Bitcoin ETF accumulates over 4% of BTC supply
The driving force behind Bitcoin’s price increase is largely attributed to the growing institutional interest generated by recently launched Bitcoin ETFs in the United States.
According to data from Dune, ETFs have accumulated 4.06% of the current Bitcoin supply, surpassing the total amount held on-chain which is $56.9 billion. At this rate, the ETFs are expected to hold around 8.65% of the BTC supply annually.
According to data from HODL15 Capital, Bitcoin ETFs have accumulated a total of 33,000 BTC ($2.3 billion) in the past week, including Grayscale’s GBTC, which saw over 10,200 BTC being withdrawn.
Furthermore, Bitcoin whales continue to hold onto their BTC despite reaching new highs. The number of addresses holding at least 1,000 BTC has increased to 2,107 since March 9. However, this number is still lower than the record of 2,489 addresses achieved in February 2021 when Bitcoin was trading at $46,000.
