Bitcoin extended its weekend rally on Dec. 16 by setting a new all-time high above $107,700.
The swell in Bitcoin’s (BTC) price comes amid a steady surge in spot volumes and the re-emergence of the Coinbase Premium in the US session.
Robust buying in the US session followed the explosive weekend price action, which saw a strong spot push on Binance and notable perpetual futures volumes on KuCoin on Sunday, Dec. 15, as traders pushed BTC’s price through the $103,000–$104,000 sell walls.
In addition to the steady spot buy volumes, positive news flow about new Bitcoin purchases from MicroStrategy and Semler Scientific hit headlines at the start of the day.
Semler Scientific purchased 211 BTC for $21.5 million at $101,890 per coin, and MicroStrategy acquired 15,350 BTC for $1.5 billion at $100,386 per coin.
MicroStrategy has acquired 15,350 BTC for ~$1.5 billion at ~$100,386 per #bitcoin and has achieved BTC Yield of 46.4% QTD and 72.4% YTD. As of 12/15/2024, we hodl 439,000 $BTC acquired for ~$27.1 billion at ~$61,725 per bitcoin. $MSTR https://t.co/SaWLNBVkrl
— Michael Saylor⚡️ (@saylor) December 16, 2024
According to independent market analyst Willy Woo, more than $3 billion dollars per day has entered the Bitcoin network over the past 30 days, a data point that highlights the bottomless appetite that market participants have for BTC at the moment.
The last 30 days has seen more than 3 BILLION DOLLARS per day entering the #Bitcoin network. pic.twitter.com/2ZqovhA9WL
— Willy Woo (@woonomic) December 16, 2024
Robust daily inflows to the spot Bitcoin exchange-traded funds (ETFs) are also a consistent catalyst in BTC’s ascension to new all-time highs. According to data from SoSoValue, the week ending Dec. 12 saw $2.17 billion in inflows to the ETFs, bringing the total net assets to $114.97 billion.
According to independent Bitcoin researcher and investor Timothy Peterson, Bitcoin’s price is most likely headed to $115,000 “based on ETF fund flows.”
Based on ETF fund flows, #Bitcoin is headed to $115k pic.twitter.com/HqThvxB1mV
— Timothy Peterson (@nsquaredvalue) December 16, 2024
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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