- Bitcoin nears $100K after rising institutional investment and record inflows into BlackRock’s IBIT ETF.
- Retail interest in Bitcoin remains limited, as shown by low search activity and underperformance of altcoins.
- States like Arizona and New Hampshire are adopting Bitcoin reserve laws, hinting at growing governmental acceptance.
Bitcoin has climbed to its highest level since February 21 and is now close to breaching the $100,000 mark for the first time since February 7. The flagship cryptocurrency continues to ride a wave of institutional support that has gained strength over recent weeks.
The iShares Bitcoin Trust ETF (IBIT), managed by BlackRock, has recorded 17 straight days of net inflows. This run has brought in $5 billion in fresh capital. The influx underlines growing confidence among institutional investors in the digital asset market. Brown University became the first Ivy League school to disclose a stake in IBIT last week, further cementing this trend.
Low Retail Activity Amid Rally
Despite the price rally, retail investor engagement remains subdued. According to Bitwise CEO Hunter Horsley, Bitcoin has seen limited search activity on Google. This signals that retail participation has yet to mirror the enthusiasm seen among institutional investors. Additionally, the performance of other cryptocurrencies remains weak, reinforcing this observation.
Bitcoin’s share of the overall cryptocurrency market has risen steadily. Market dominance is approaching 70%, the highest level in several years. This trend reflects growing market consolidation around Bitcoin as other digital assets struggle to gain traction. Bitcoin’s total market capitalization is nearing $2 trillion, placing it just below Amazon’s valuation.
U.S. States Push Pro-Bitcoin Legislation
New Hampshire and Arizona have officially signed strategic Bitcoin reserve bills into law this week. These legislative moves signal a broader interest among U.S. states in integrating Bitcoin into public finance. More states are reportedly evaluating similar strategies to hold Bitcoin as a reserve asset.
Bitcoin reached an all-time high of $108,786 on January 20. Although current retail interest is lacking, institutional momentum continues to drive the price upward. Whether the current rally will be strong enough to surpass the January peak remains uncertain, but several indicators point toward continued upward pressure.
