Bitcoin Nears All-Time High on Strong US Demand
Bitcoin (BTC) briefly rose above $122,000 on Friday. This price surge was driven by higher spot demand and increased leverage among traders. The rise pushed Bitcoin close to its all-time high of $124,128, according to CoinGlass data.
In the past 24 hours, $153 million in short positions were liquidated. US investors played a key role in this price increase. The Bitcoin Coinbase Premium GAP rose by $113 compared to other exchanges. This shows US buyers are paying more for Bitcoin on Coinbase, said crypto analyst Maartun in a Friday post on X.
Institutional Inflows and Market Sentiment Boost Bitcoin
Institutional demand also helped Bitcoin’s recent gains. US spot Bitcoin ETFs saw $2.2 billion in net inflows since Monday. This marks a shift from last week’s outflows. The delay of the US September jobs report, caused by the government shutdown, increased interest in crypto assets. This boosted Bitcoin prices.
Traders are taking more leveraged risks. Bitcoin’s open interest hit a record $89 billion, according to CoinGlass. After last week’s options expiry, open interest reset, clearing previous hedging positions. Glassnode said this reset sets the stage for Q4 and shows more deliberate market positioning.
Bitcoin’s Performance Compared to Gold and Silver
Despite recent gains, Bitcoin’s year-to-date growth trails behind gold and silver. Maartun noted Bitcoin is up 25.6% this year. In comparison, gold rose 46.7% and silver gained 61.8% year-to-date.
