Hassan Maishera
TL;DR
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Bitcoin has set a new all-time high price of $112k after adding 3% to its value on Wednesday.
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The spot Bitcoin ETF Asset Under Management (AUM) is now approaching $150 billion as investors flock into the market.
Bitcoin Hits $112k
Bitcoin, the leading cryptocurrency by market cap, extended its gains over the broader market on Wednesday after setting a new all-time high. The coin rallied by 3% in the last 24 hours to hit the $112,128 level.
It has slightly retraced to now trade at $111,444. The positive performance comes amid growing institutional interest in Bitcoin and other leading cryptocurrencies. A recent report by The Block revealed that spot bitcoin ETFs now manage just under $150 billion in assets, reflecting sustained institutional interest despite broader market volatility.
According to the report, the growth has been bolstered by corporate treasury announcements, with companies like Figma revealing in S-1 filings that it holds $70 million in Bitcoin ETF shares and has allocated $30 million more in USDC for direct Bitcoin purchases.
An increasing number of companies are now adding Bitcoin to their balance sheets. Michael Saylor’s Strategy, GameStop, and Japanese-based Metaplanet are the popular ones. However, several others are now adopting a Bitcoin Treasury.
Earlier this week, UK web design firm The Smarter Web Company, which has transitioned into a Bitcoin treasury-focused company, said it had acquired an additional 226.42 BTC for £17.87 million ($24.4 million) at an average purchase price of £78,932 ($107,726) per BTC.
Altcoins Rally Higher
With Bitcoin hitting a new all-time high, altcoins also recorded excellent gains over the last 24 hours. Ether, the second-largest cryptocurrency by market cap, is trading above $2,800 after adding 7% to its value.
XRP and Solana are up 4% each, while Dogecoin added 5.5% to its value since Wednesday. Sui and Stellar (XLM) are the best performers among the top 20 cryptocurrencies by market cap, up 10% each.
Thanks to the ongoing rally, the total cryptocurrency market cap is now approaching $3.5 trillion. The rally also saw bears lose $192 million in short positions within 60 minutes.
JUST IN: $192,000,000 worth of Bitcoin shorts liquidated in the past 60 minutes.
— Watcher.Guru (@WatcherGuru) July 9, 2025
