Bitcoin, the leading cryptocurrency by market cap, spiked to $110,587 on Monday, reaching its highest level since May 23.
The crypto king is just a step away from reaching a new all-time high. Its current lifetime peak, which was logged on May 22, currently stands at $112,000 on the Bitstamp exchange.
At press time, the leading cryptocurrency is changing hands at $109,387 after giving up some of its gains.
Big players fueling the rally
Bitcoin's recent rally is being fueled by steady ETF flows. On Monday, these products logged $386 million in total flows, according to analytics platform SoSoValue. In a rather rare occurrence, the Fidelity Wise Origin Bitcoin Fund (FBTC) outpaced the iShares Bitcoin Trust ETF (IBIT) in terms of inflows ($173 million and 121 million, respectively).
There is also more demand from Bitcoin-buying companies, with Strategy recently expanding its coffers with a $110 million BTC purchase.
Meanwhile, retail investors remain on the sidelines, with social engagements being considerably lower compared to a year ago. This lack of excitement is highly unusual considering that Bitcoin is currently just a hair's breadth away from a new record high.
2% chance of $150,000 in June
According to Polymarket bettors, there is a 60% chance of Bitcoin hitting $115,000 during this June. There is also a 31% chance of Bitcoin surpassing the $120,000 milestone.
At the same time, the users of the popular betting site see only a 3% chance of Bitcoin surpassing $150,000 as early as this month. At the same time, there is a 38% chance of the cryptocurrency reaching the aforementioned level by the end of 2025.
