Bitcoin (BTC) price has hit new 25-month highs in the last three days, signaling that bulls are in control. The flagship coin gained more than 5 percent in the last 24 hours and was trading at around $59,300 on Wednesday during the early London session.
Notably, the Bitcoin price is trading at price discovery levels in multiple currencies, including Japan, Nigeria, Lebanon, Malawi, Pakistan, Turkey, and Argentina.
Bitcoin’s rise to $60,000 is inevitable
Therefore, it is safe to assume that Bitcoin price will soon be above all-time highs in top currencies such as the US dollar, euro, and pound sterling. Furthermore, there will be no end to high fiat inflation, while Bitcoin is programmed to reduce annual inflation until the halving every four years.
As Bitcoin price nears $60,000, funding rates have skyrocketed in recent weeks amid rising global geopolitical tensions.
The insatiable demand of crypto whales
According to on-chain data provided by Cryptoquant, new whales hit an ATH of around $7.3 billion in unrealized profits, while old whales are still below their 2021 peak at around $40 billion. The high demand for Bitcoin from institutional investors was triggered by the approval of the spot Bitcoin ETF in the US, which controls around 25 percent of global economic activity.
Despite notable outflows from Grayscale's GBTC, inflows into spot Bitcoin ETFs outpaced selling pressure. Notably, spot Bitcoin ETF issuers have consumed an average of around 10,000 Bitcoins per day in recent weeks, compared to 900 coins produced by miners.
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