Bitcoin Surpasses Amazon to Become the 5th Largest Global Asset
In a significant financial milestone, Bitcoin has eclipsed Amazon to rank as the world’s fifth-largest asset by market capitalization, achieving a remarkable valuation of $2.4 trillion. This achievement was fueled by a sustained seven-day influx of investments into US spot Bitcoin ETFs, driving Bitcoin to a record price of $122,600.
Institutional Adoption Powers Bitcoin’s Ascent
The expansion of Bitcoin’s market capitalization is largely attributed to increasing institutional interest. Currently, more than 265 corporations include Bitcoin in their financial reserves, a sharp rise from 124 just weeks prior. Holdings now total 3.5 million Bitcoin, with a significant portion allocated through spot Bitcoin exchange-traded funds (ETFs).
Spot Bitcoin ETFs: Driving Force Behind the Surge
The role of spot Bitcoin ETFs in Bitcoin’s price rally cannot be overstated, with daily net inflows surpassing $1 billion. This marked the seventh straight day of positive investment flows, underscoring the asset’s growing appeal as a value reserve.
Legislative Momentum During ‘Crypto Week’
Bitcoin’s upward trajectory is further buoyed by legislative efforts in the United States, coinciding with ‘Crypto Week.’ Policymakers are advancing three pivotal cryptocurrency bills designed to strengthen the domestic crypto sector, including provisions to block the introduction of a central bank digital currency (CBDC).
Key Highlights of Bitcoin’s Market Dominance
- Bitcoin’s market valuation: $2.4 trillion
- Record-breaking price peak: $122,600
- Corporate Bitcoin holders: Exceeds 265
- Spot Bitcoin ETFs daily inflow: Over $1 billion
