Bitcoin surged to a fresh all-time high of $112,840 on Friday, gaining 4.6% on the session and 11.2% over the past week. The rally was driven by an unprecedented wave of institutional buying through U.S. spot Bitcoin ETFs, which absorbed a record $4.8 billion in net weekly inflows — the largest five-day intake since the products launched in January 2024 — according to data from Farside Investors.
BlackRock's iShares Bitcoin Trust (IBIT) led the charge with $2.1 billion in weekly inflows, lifting cumulative AUM to $84 billion and confirming its position as the fastest-growing ETF in industry history. Fidelity's FBTC added $890 million, ARK 21Shares' ARKB drew $640 million, Bitwise's BITB collected $410 million, and the remaining seven products split the balance.
Dollar Weakness Fuels Bid
The Bitcoin rally has coincided closely with the U.S. Dollar Index falling to a two-year low and rising central-bank gold purchases, supporting the broader debasement-trade narrative that has gained traction since the start of the year. JPMorgan analyst Nikolaos Panigirtzoglou estimates that approximately 35% of the recent Bitcoin bid reflects portfolio diversification away from the dollar, versus 25% pre-rally.
On-chain metrics show long-term holder behavior remains constructive, with the realized HODL ratio still well below historical cycle peaks. Glassnode data indicate coins held for over one year have actually increased to 71.4% of supply, suggesting that the price strength is being met with limited distribution by experienced market participants.
Strategy Resumes Buying
MicroStrategy parent Strategy disclosed an additional 24,800 BTC purchase during the week ended April 25, lifting its total holdings to 786,899 BTC