Institutional Confidence Drives Bitcoin to New All-Time High
Bitcoin surged past $118,000, recording a 6.2% daily gain Friday morning, marking a new all-time high. According to CoinGecko data, over $81 billion in Bitcoin trading occurred in the preceding 24 hours.
Kushal Manupati, Binance’s regional growth and operations lead in South Asia, highlighted that this significant rally reflects institutional confidence rather than retail trader activity. “Institutions are showing confidence to enter the space at scale… bringing long-term credibility,” he stated, further noting potential for Bitcoin to reach $120,000.
- The unprecedented rally isn’t solely driven by retail activity.
- Exchange outflows have reached a three-year low of $2.39 million.
Analysts from QCP Capital suggest persistent tariff threats haven’t significantly dampened overall business sentiment.
A key independent signal of potential economic strength comes from rising copper prices, often considered a “Doctor Copper” indicator for macroeconomic health. Copper Futures climbed 8.42% over the past five days.
Experts like Ryan Lee from Bitget Research posit that strong stock performance and favorable economic conditions position Bitcoin to break previous records, possibly reaching $120,000 by month-end.
The analysis posits that as Bitcoin finds new price territory—and as exchange outflows continue their multi-month decline—professional traders are evaluating the sustainability of current market enthusiasm.
Source: CryptoQuant
