Bitcoin Reaches New Highest Record: Reaches IDR 1.1 Billion
JAKARTA - Bitcoin (BTC) hit a new record high of 72.190 US dollars (Rp1,133,696,380) on March 11 after rising 2.62% in 24 hours before 08:05 a.m. UTC.
The world's first cryptocurrency has surged more than 10% over the past week and 47% over the past month, according to CoinMarketCap data. This new record comes three days after Ether (ETH) surpassed the level of IDR 62,808,000 for the first time since December 2021.
Bitcoin recorded an all-time high weekly close of IDR 1,083,852,510 on March 10, days after Bitcoin surpassed its previous record high of IDR 1,086,620,400 on March 5.
Bitcoin's bullish momentum can largely be attributed to the increased institutional interest generated by the recent launch of Bitcoin's open trading fund (ETF) in the United States.
Since its launch, the ETF has amassed 4.06% of Bitcoin's current supply, exceeding a total of IDR894.847.800 billion in total on-chain holdings, according to data from Dune. With this rate, ETF is projected to absorb 8.65% of BTC's supply annually.
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The spot's Bitcoin ETF collected a total of 33,000 BTC (IDR 518,883,400,000) last week, including GBTC Grayscale funds, which experienced an outflow of more than 10,200 BTC, according to data from HODL15 Capital.
Bitwise's digital asset manager expects more institutions, representing "trillions of rupiah of assets," preparing to buy a Bitcoin spot ETF by the end of June, according to a March 9 investment report sent to investors.
Meanwhile, Bitcoin "elephant owners" continued to hold their Bitcoin despite hitting new records. The number of unique addresses holding at least 1,000 BTC has increased to 2.107 addresses on March 9. However, this number is still lower than the record 2.489 addresses achieved in February 2021, when Bitcoin traded above IDR 721.692,000.