Analysis: BTC loses upward momentum to hit record high of $100K

As its price stabilizes, Bitcoin (BTC) has lost momentum to hit an all-time high of $100,000, Bloomberg reported. Chris Newhouse, director of research at Web3 incubator Cumberland Labs, pointed to strong institutional buying pressure, especially from entities such as MicroStrategy’s ongoing accumulation strategy. Despite this, the broader crypto ecosystem is experiencing a diversification of capital flows from both institutional and non-institutional players, Newhouse highlighted. “Early Bitcoin ETF investors might be keen to rebalance their portfolios, having more than doubled their money," said Fadi Aboualfa, head of research at crypto custodian Copper. In addition, Vetle Lunde, head of research at digital-asset research firm K33 Research, also noted that as BTC breaks above $90,000, the medium-term cohort (traders buying BTC within the price range of $55,000 to $70,000) has seen substantial profit taking.