Bitcoin (BTC) Hits New All-Time High of US$111,970 (AU$172644)

Bitcoin hit an all-time high (ATH) of US$111,970 (AU$172644) just four days ago, but has since struggled to stay above the US$110 k (AU$169.6 k) mark.

Bitcoin hit a new all-time high (ATH) of US$111,970 (AU$172,644) just four days ago, but has since struggled to stay above the US$110 k (AU$169.6 k) mark.

At the time of writing, BTC trades at US$108,379 (AU$167,116), down 1.3 per cent in the past 24 hours.

According to analysts at Bitfinex, the current trajectory of Bitcoin is a “phase of healthy consolidation”.

In a report, the analysts point to solid buying of spot Bitcoin ETFs, surging spot-market participation and positive net realised-cap growth. Together, these show investors are committing real capital in a measured, on-chain manner – a “structural” build-up of positions – rather than fuelling the market with short-lived speculative bets that quickly reverse.

This is despite ongoing macroeconomic headwinds around Trump’s tariffs, which remain volatile and ever-changing.

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Spot ETFs Keep Accumulating

Institutional interest remains strong indeed, with the US spot Bitcoin ETFs adding another US$2.7 billion (AU$4.16 billion) last week.

The US funds now hold 1.2 million BTC, accounting for 5.76 per cent of 21 million. BlackRock’s IBIT continues to be the major driver of this growth, with US$2.4 billion (AU$3.7 billion) flowing into that fund alone.

The BlackRock ETF now has 3.1 per cent of all Bitcoin under its management, and is one of the fastest growing ETFs in history.

Biggest HODLer of Them All? It’s Not IBIT, Sailor

And in a surprise to absolutely nobody, Michael Saylor’s Tyson, Virginia–based Strategy (formerly known as MicroStrategy) has also been buying more Bitcoin.

But guess who is an even bigger holder than IBIT and Saylor? Satoshi Nakamoto. The infamous Bitcoin founder has US$120 billion (AU$185.2 billion) worth of Bitcoin in a wallet – making Nakamoto the 11th richest person in the world.

Satoshi Nakamoto now holds $120 BILLION USD of Bitcoin.He owns 5.2% of the BTC supply, making him the 11th richest person in the world.

— FinTech (@__Tech__Fin__) January 3, 2024

According to the Bitfinex report, Bitcoin’s price action in the past few weeks is a result of several factors, including:

• The Trump administration’s tariffs are still a major source of uncertainty for the markets.

• Despite the pessimism in the market, investors continue to pour money into Bitcoin.

• The Bitcoin ETFs are a major factor in the cryptocurrency’s price recovery.

• Bitcoin’s price is expected to hit new highs of US$115 k (AU$177.3 k) in the coming days or weeks.

The report concludes that Bitcoin is in a phase of healthy consolidation as investors are committing real capital in a measured, on-chain manner. This structural build-up of positions is fuelling the market in a sustainable way, in contrast to speculative bets that quickly reverse.

"This activity is unfolding despite ongoing macroeconomic headwinds around Trump’s tariffs, which remain volatile and ever-changing. Together, these trends suggest that a floor is being built for Bitcoin at higher levels, paving the way for further gains in the year ahead."

The Bitfinex analysts add that Bitcoin’s price is expected to hit new highs of US$115 k (AU$177.3 k) in the coming days or weeks.

"Bitcoin is currently trading at around US$108 k, down 1.3 per cent in the past 24 hours. The world’s leading cryptocurrency is now trading at approximately US$107.8 k, as it struggles to stay above the US$110 k mark."

Stay tuned to Benzinga for more crypto coverage.

Read More: Trump Fires Back At Report Claiming His New Social Media Platform Is Being Used To Hype Up $3 Billion Bitcoin Buys As ‘Pure Fiction’output: Bitcoin (BTC) price is struggling to stay above the US$110,000 mark after hitting a new all-time high (ATH) of US$111,970 just four days ago. At the time of writing, BTC is trading at around US$108,379, down 1.3 per cent in the past