Bitcoin has surpassed $95,000 for the first time, driven by record-breaking inflows into spot Bitcoin ETFs and growing institutional adoption from sovereign wealth funds and pension systems.
What Is Driving the Rally
BlackRock's iShares Bitcoin Trust (IBIT) alone absorbed $2.1 billion in net inflows during the first week of April, while total spot Bitcoin ETF assets under management now exceed $120 billion.
- Norway's sovereign wealth fund disclosed a $500 million indirect Bitcoin position through ETF holdings
- Three US state pension funds have allocated 1-2% of portfolios to Bitcoin ETFs
- Mining difficulty has reached all-time highs, constraining new supply post-halving
Technical Outlook
On-chain analysts note that long-term holder supply has reached 78% of circulating Bitcoin, the highest level ever recorded. This supply squeeze, combined with steady ETF demand, creates a structural supply deficit that could propel prices significantly higher.
