Bitcoin price hits all-time high for 4th time in 6 days

Bitcoin has hit an all-time high for the fourth time in six days, largely driven by record inflows into Bitcoin-linked exchange-traded funds (ETFs) in the United States.

The world's largest cryptocurrency reached a peak of $73,678.86 (according to CoinDesk), before dipping slightly to around $73,000 at the time of writing. Meanwhile, daily inflows into American spot Bitcoin ETFs exceeded $1 billion, according to Bloomberg. Additionally, BlackRock's IBIT spot ETF set its own record at $849 million in a single day.

"The reason for such a surge is evident — huge demand for physically-backed ETFs and shallow market depth. As issuers accumulate vast amounts of Bitcoin to back their ETFs, the overall supply continues to diminish," commented Manuel Villegas, a digital asset analyst at Swiss private bank Julius Baer.

According to Villegas, the weekly issuance of Bitcoin at 6,300 units is "insignificant" compared to the demand from cryptocurrency ETFs, which has reached 40,000 bitcoins in recent weeks. It's also worth noting that earlier this week, Bitcoin's total market capitalization exceeded $1.3 trillion, surpassing the overall market value of silver.