Bitcoin Smashes Record Weekly Close at $106,516
Bitcoin has smashed through another record, closing its highest-ever weekly candle at $106,516. This remarkable feat comes amidst a backdrop of increased institutional activity and growing user engagement within the broader Bitcoin ecosystem.
The latest milestone is a testament to Bitcoin's long-term upward trend, placing its current price in a historically narrow range of time. This week's close is only the second time Bitcoin has breached the $106,439 mark, with the first occurrence accounting for a mere 0.02% of its trading history. In total, closures above $100,000 have been witnessed on only 40 days in Bitcoin's history, underscoring the significance of this week's achievement.
Analysts are closely monitoring inflows into Bitcoin-focused ETFs and the behavior of long-term holders. However, the past week saw a significant shift, with US institutional investors withdrawing over $1.7 billion from Bitcoin- and Ethereum-focused spot ETFs. Major players like BlackRock and Fidelity were involved in these outflows, indicating a defensive stance and reduced appetite for crypto assets amidst increased price volatility and macroeconomic uncertainty. This withdrawal temporarily cooled the market, interrupting previous inflow momentum and reflecting a more cautious investor sentiment toward crypto ETFs.
Despite this recent pullback, the latest weekly close sets a new benchmark for Bitcoin's price performance, reaffirming its resilience and ongoing relevance. Traders are now closely watching the $100,000 level as a key psychological and technical zone, with the broader Bitcoin ecosystem displaying strength through elevated network activity and growing user engagement.
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