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Crypto markets are surging on early Thursday, with Bitcoin hitting a new all-time high above $110,000 amid accelerating institutional adoption and robust ETF inflows.

Notable Statistics:

• IntoTheBlock data shows Bitcoin and Ethereum large transaction increased by 22.1% and 36.9%, respectively, while BTC’s daily active addresses went up by 7.7% and exchange netflows are up by 332.7%.

• Coinglass data shows 125,650 traders were liquidated in the past 24 hours for $505.49 million.

• SoSoValue data shows $608.99 million in net inflows into spot Bitcoin ETFs and $587,000 in net inflows into spot Ethereum ETFs.

• CoinGlass data shows selling pressure for Bitcoin with nearly $200 million in stacked sell orders between $111,000–$113,200, with ~$8 million per $100 increment totalling around $200 million in cumulative sell pressure.

• According to Coin Bureau, retail investors have yet to fully enter the market as wallets holding less than 1 BTC (“shrimp” addresses) remain lower than in May 2024 and January 2021. Once retail floods in, sentiment could turn euphoric.

Trader Notes: Glassnode data reports only $1 billion in profit-taking at Bitcoin’s new all-time high, less than half the $2.1 billion seen when Bitcoin first crossed $100,000 in December. This suggests investors are holding tight for more upside.

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Crypto trader Jelle sees Bitcoin having a target of $180,000 while Trader Tardigrade says Bitcoin broke out of a key battleground between bulls and bears and the bulls are now fully in charge and have emerged victorious.

Dogecoin is breaking out of a bull pennant, with Ali Martinez targeting $0.31.