Bitcoin surged to an 11-week high of $78,568, driven by significant institutional interest, particularly from BlackRock. The asset manager's IBIT spot ETF has amassed over 806,700 BTC, valued at approximately $63.7 billion, marking a record for the fund. This accumulation comes amid a broader market rally, with Bitcoin's market dominance reaching 58.1% and the global crypto market cap rebounding to $2.70 trillion. The crypto market's momentum is further supported by consistent inflows into Ethereum spot ETFs and a notable purchase by Strategy, which acquired 34,164 BTC for $2.54 billion. As geopolitical tensions impact traditional markets, institutional investors are increasingly viewing Bitcoin as a "digital hard money" alternative, shifting their inflation hedge allocations from gold to cryptocurrencies.
Bitcoin Hits 11-Week High as BlackRock ETF Accumulates 806,700 BTC
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