Bitcoin (BTC) Price Surges to a New ATH, Climbing Above $100K

The Bitcoin price has surged to a new all-time high (ATH), climbing above $100K in the last 24 hours.

Bitcoin (BTC) price hit a new all-time high (ATH) of over $111K in the last 24 hours.

The crypto had soared to as high as $111,861.22, while it was trading at around $110,984.78 by 1:15 a.m. EST today.

Yesterday, saw-through put the total BTC futures OI at $246 billion, the highest level since March 2023.

At the same time, volumes on major exchanges also surged to levels last seen during the 2021 bull market.

On Hyperliquid, one trader had also opened a 40X leverage position for $1 billion in BTC.

The X account “James Wynn” claimed to be behind the large position, which is up more than $29.35 million, according to Hypurrscan data.

That comes after the trader was down around $16.3 million, with the position threatening to get liquidated if Bitcoin fell below $77,000.

The trader had begun the position on April 15 with a $500 million put on BTC at $77,000.

However, the cryptocurrency went on to rally to as high as $92,000 in May, which saw the position’s value surge to a high of over $58 million.

But by the time BTC fell to $77,000 again in early June, the position had lost more than $30 million in value.

May BTC Price Surprises

The Bitcoin price had already begun to rally strongly again in recent weeks.

But the gains really took off after the US Securities and Exchange Commission (SEC) delayed its decision on several Bitcoin ETF applications earlier this month.

Yesterday, saw the price gains continue as Bitcoin broke the previous ATH of $109K to hit a new ATH of over $111K.

The cryptocurrency then pulled back to trade in the $108K range for much of the day, before staging a recovery to break back above $110K in the evening hours.

At the same time, data from Farside Investors showed that inflows into BlackRock’s spot Bitcoin ETF (IBIT) hit $530.6 million.

That was far more than the second-highest BTC ETF inflows for the day, which was posted by Fidelity’s Wise Origin Bitcoin Fund at $23.5 million.

Overall, US spot Bitcoin ETFs recorded $607.1 million in inflows yesterday.

As a result of the strong inflows for BlackRock’s IBIT, the fund ended up buying over 10 times more BTC than was mined during the same period. IBIT scooped up 4,931 BTC while miners only produced 450 BTC yesterday.

Along with the strong inflows, BlackRock’s BTC fund also registered its highest trading volumes since January.