Bitcoin surged past the $70,000 mark on Tuesday, reaching an intraday high of $72,340 as institutional investors continued piling into spot Bitcoin exchange-traded funds at a record pace. The move puts the world's largest cryptocurrency within 2% of its all-time high of $73,800.
Data from Bloomberg shows that Bitcoin ETFs saw net inflows of $1.2 billion in the past week alone, with BlackRock's iShares Bitcoin Trust leading the charge at $680 million in new investments. Total assets under management across all U.S. spot Bitcoin ETFs now exceed $65 billion.
"We're seeing a seismic shift in how traditional finance views Bitcoin," said Mike Novogratz, CEO of Galaxy Digital. "The ETF approvals opened the floodgates, and now we're seeing pension funds, endowments, and sovereign wealth funds allocate meaningful positions."
The rally has been broad-based across the crypto market, with Ethereum rising 8% to $3,850 and Solana gaining 12% to $180. The total cryptocurrency market capitalization now stands at $2.7 trillion.
Analysts point to several catalysts beyond ETF flows: the upcoming Bitcoin halving event expected in April 2026, growing institutional adoption, and improving regulatory clarity following recent SEC guidance on digital asset classification.
"This isn't a retail-driven rally," said Katie Stockton, founder of Fairlead Strategies. "The on-chain data shows accumulation by large wallet addresses, which historically precedes sustained uptrends. We maintain our year-end target of $85,000."
