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Bitcoin shattered its previous record late Wednesday, reaching a new all-time high of $111,999 as the world's largest cryptocurrency extended a remarkable rally that began in late June. The digital asset is currently trading at $111,335, up 2.37% in the past 24 hours, according to Coinmarketcap data.
The latest milestone caps a steady three-week climb that began on June 22, when Bitcoin was trading near $98,000. The approximately 14% surge reflects sustained buying pressure from both institutional investors and growing corporate adoption, with analysts pointing to the crypto-friendly regulatory environment under the Trump administration as a key catalyst.
The price action reflects growing corporate interest in Bitcoin as a treasury asset, with several major companies adding the cryptocurrency to their balance sheets. This institutional adoption trend has provided fundamental support for Bitcoin's price trajectory throughout 2025.
Recent market analysis suggests that geopolitical tensions, including the ongoing Israel-Iran conflict and U.S. intervention, have contributed to increased social volume and trading activity around Bitcoin. This pattern mirrors previous geopolitical events that have historically driven investors toward alternative assets.
BlackRock ETF Reaches New Heights
Coinciding with Bitcoin's record-breaking performance, BlackRock's iShares Bitcoin Trust (IBIT) closed at a new all-time high of $63.58 on Wednesday. The $75 billion ETF now holds more than 700,000 BTC, representing approximately 3.33% of Bitcoin's total supply.
In a remarkable achievement for the 18-month-old fund, IBIT now generates an estimated $187.2 million in annual fee revenue, surpassing the $187.1 million earned by BlackRock's S&P 500 ETF (IVV), according to Bloomberg data. This milestone underscores the explosive growth in institutional Bitcoin adoption through regulated investment vehicles.
Broader Market Momentum
Bitcoin's surge occurred alongside strong performance across traditional markets, with the S&P 500 advancing 0.61% and the Nasdaq climbing 0.9% to a record closing high. The broader cryptocurrency market has responded positively, with a total market capitalization of $3.47 trillion, up 3.1% in the past 24 hours.
In the past 24 hours, Ethereum gained 6.66% to $2,780, while Solana advanced 4.23% to $158.76, indicating broad-based strength across major digital assets. Cryptocurrency exchange operator Coinbase Global (COIN) saw its shares jump 5.4%, extending year-to-date gains to over 50%.
Supporting the risk-on sentiment, newly released minutes from the Federal Open Market Committee meeting showed that policymakers believe tariff-related inflationary pressure will remain moderate. The Fed continues to anticipate interest-rate cuts in 2025, providing a favorable backdrop for risk assets including cryptocurrencies.
