Bitcoin reached an all-time high, breaking the $90,000 resistance level early in the U.S. trading day and swiftly climbing beyond $93,000. The record-setting rally, fueled by heightened U.S. demand, saw the Coinbase Premium Index surge to its highest point since April, marking intense buying interest among American investors.
A standout factor in Bitcoin’s recent momentum was the robust trading of BlackRock’s iShares Bitcoin ETF (IBIT). The ETF was the fourth-most actively traded product among all ETFs, with $1.2 billion in volume within the first hour of trading.
After repeatedly testing the $90,000 threshold earlier in the week, Bitcoin finally broke through during Wednesday morning trading hours. The breakthrough came right as the U.S. traditional markets opened at 9:30 a.m. E.T., with strong buying pressure from U.S. investors pushing prices further, hitting a high above $93,000.
The Coinbase Premium Index, which tracks U.S. investor demand by measuring Bitcoin’s price premium on Coinbase relative to Binance, climbed to 0.2, its highest reading since April, according to data from CryptoQuant. This indicates a surge in U.S.-based buying interest. While it remains uncertain which types of investors are behind the buying, U.S.-listed spot Bitcoin ETFs have been showing robust activity. BlackRock’s iShares Bitcoin Trust ETF (IBIT), the largest spot ETF with $40 billion in assets, recorded impressive volumes of around $1.2 billion within the session’s first hour, making it the fourth-most traded ETF, according to Barchart.
As of the latest update, Bitcoin had slightly retraced to $92,200, representing nearly a 7% gain over the past 24 hours, significantly outpacing the CoinDesk 20 Index’s 3.5% increase. Ethereum (ETH) and Solana (SOL) also posted gains of 1.6% and 2.7%, respectively, over the same period.
Analysts attribute the rally to robust spot buying. Spot cumulative volume delta (CVD)—which tracks the net difference between buying and selling trade volumes—continues to show positive flows dominated by buyers. Each increase in spot CVD has coincided with upward price movements for Bitcoin, indicating that the current rally may be more sustainable than futures-based surges, according to CoinDesk analyst James Van Straten.
For more latest news and update visit UK Profits.
