In Brief
- •Bitcoin records its highest weekly close ever at $124,266, up 10.54% this week.
- •Spot Bitcoin ETFs saw $3.3B in inflows, lifting total net inflows above $60B.
- •Exchange balances fall to 2.3M BTC as long-term holding boosts price stability.
Bitcoin achieved its highest weekly close in history, ending the week at $124,266 and confirming sustained bullish momentum. According to Coinglass, the cryptocurrency now trades near $123,892, down 0.77% on the day but up 10.54% for the week and 32.66% year-to-date.
The record close followed a surge in spot Bitcoin ETF inflows, which totalled $3.3 billion last week, the second‑largest weekly inflow since launch. Total net inflows have now surpassed $60 billion, highlighting accelerating institutional participation and renewed capital rotation into Bitcoin.
Bloomberg ETF analysts noted that inflows into BlackRock’s IBIT and ETHA exceeded $10 billion in the past month, ranking among the top‑performing funds. These inflows came amid the “debasement trade,” where investors sought protection from a weakening U.S. dollar and potential government shutdown.
In addition, Morgan Stanley’s Global Investment Committee, managing $1.3 trillion in assets, formally recommended allocating 2–4 % of client portfolios to cryptocurrencies. The committee described Bitcoin as a “scarce digital asset” comparable to gold and highlighted its growing role in diversified portfolios.
Falling Exchange Balances and Bullish Forecasts Strengthen Outlook
On‑chain data from Glassnode shows Bitcoin balances on exchanges have dropped to a six‑year low below 2.3 million BTC. The decline from a 3.1 million BTC peak in 2020 signals growing long‑term holding behaviour and reduced sell‑side pressure.
This trend supports Bitcoin’s price stability near $120,000, suggesting a limited available supply as demand rises from institutional inflows. The steady accumulation aligns with the broader shift toward long‑term investment strategies among large holders.
Meanwhile, Standard Chartered’s Head of Digital Assets Research, Geoffrey Kendrick, reaffirmed his $200,000 year‑end Bitcoin target. He cited ETF inflows and macroeconomic uncertainty, including the U.S. government shutdown, as short‑term bullish drivers.
With a market capitalisation of $2.47 trillion and open interest near $93 billion, Bitcoin remains firmly supported by strong derivatives activity and investor confidence. Analysts expect continued momentum, with potential upside toward $135,000 in the coming weeks if inflows persist.