Bitcoin saw a trading price around $91,632.85, recovering from a recent dip just above $89,000, while remaining nearly 2% below its all-time high of $93,445. The surge is attributed to strong inflows into Bitcoin ETFs, which brought in $510 million. Analysts indicate that Bitcoin ETFs are the main driving force behind the current demand, absorbing much of the selling from long-term holders. Additionally, institutional interest in digital assets remains high, as a survey revealed 65% of institutional investors are bullish on Bitcoin in the long term, with many considering increased allocations over the next few months. Meanwhile, retail search interest in Bitcoin has surged, surpassing levels seen after the Terra/Luna collapse, pointing to a potential speculative frenzy in the market.

Source 🔗