Bitcoin jumps above $110,000 as institutional focus deepens

Bitcoin climbed above the $110,000 mark for the first time earlier today, driven by institutional capital and a mix of other positive factors that pushed the cryptocurrency past its previous all-time high.

According to data from Coinbase, bitcoin reached its record high of $110,774 on Wednesday evening , while Binance exchange shows that the cryptocurrency hit $110,724 earlier today.

Bitcoin is holding its elevated position, trading up 3% at $110,387 as of 9:05 p.m. ET time on Wednesday, according to The Block's bitcoin price page .

"Bitcoin’s surge past $110,000 is being driven primarily by treasury accumulation from firms like Strategy, Metaplanet, and Twenty One Capital," said Min Jung, analyst of Presto Research. "Unlike previous bull runs, this rally appears to be fueled by institutional and long-term capital rather than retail speculation." 

Michael Saylor's bitcoin behemoth Strategy led the institutional buying of the cryptocurrency, recently announcing its purchase of 7,390 BTC to bring its total holdings to 576,230 BTC. Strive Enterprises, co-founded by Vivek Ramaswamy, is also looking to build a bitcoin treasury from 75,000 BTC ($8.2 billion) claims from the Mt. Gox estate. 

Roshan Robert, CEO of OKX's U.S. division said the latest rally represents a confluence of factors backing bitcoin that not only includes corporate reserve strategies but also surging ETF inflows, macroeconomic uncertainty and favorable regulatory signals.

"Combine all this with bitcoin's inherent scarcity, and it creates a perfect storm for a comeback," Robert said.

Presto's Jung stated that the research firm still considers this rally to be just the "early innings" of a fundamental shift in how institutions value bitcoin.

"Our 2025 price target of $210,000, first published in late 2024, remains unchanged," Jung said.