Bitcoin Hits New All-Time High Above $98,000 As Spot ETFs Crack $100 Billion Net Asset Value Milestone

As Bitcoin BTC/USD hit a new all-time high of $98,310 on Thursday morning during European trading hours, he total net asset value of U.S. Bitcoin spot exchange-traded funds (ETFs) has exceeded $100 billion, a milestone achieved in just 10 months since their launch in January.

What Happened: Over the past three days, Bitcoin spot ETFs have seen $1.84 billion in net inflows, reflecting strong investor confidence.

U.S.-based ETFs have contributed $29.4 billion in net flows this year, solidifying their role as a primary driver of capital into Bitcoin.

Nate Geraci, president of The ETF Store, highlighted on X the growing demand for spot ETFs and revealed that applications for funds linked to other digital assets, including Solana SOL/USD, Ripple XRP/USD, and Hedera HBAR/USD, are also in the pipeline.

Bitcoin reached $97,900 earlier this week before climbing to $98,310, supported by aggressive demand for long-dated call options and positive headlines about corporate adoption, according to QCP Capital.

Also Read: Core Fusion Upgrade Introduces Dual Staking And Liquid Bitcoin Staking

Why It Matters: Companies like MicroStrategy Inc. MSTR are fueling the bullish sentiment, with the firm raising $2.6 billion to expand its Bitcoin holdings.

MicroStrategy's market capitalization has now surpassed $100 billion, dominating U.S. trading volume on Wednesday night.

In addition, smaller firms like Acurx Pharmaceuticals ACXP are joining the trend, reportedly allocating $1 million to Bitcoin for their corporate treasuries.

The unprecedented success of Bitcoin ETFs signals a growing mainstream acceptance of cryptocurrencies.

BlackRock BLK and Fidelity are among the 12 issuers contributing to the $100 billion milestone, with analysts pointing to these funds as a significant factor in Bitcoin’s recent rally.

Eric Balchunas, a senior ETF analyst at Bloomberg, noted that December 31 could be an optimal time to submit applications for new crypto ETFs, including one linked to Dogecoin DOGE/USD.

Meanwhile, aggressive buying of options for March and June indicates long-term bullish sentiment among investors.

As Bitcoin approaches the $100,000 psychological milestone, the market is expected to remain buoyant, supported by easing monetary policies and sustained institutional demand.

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Image created using artificial intelligence with Midjourney.