“Reaching $104,000, Bitcoin demonstrates record growth,” reports CryptoQuant. Long-term holders have started actively taking profits,” stated Julio Moreno, Head of Research at CryptoQuant. He clarified that the LTH-SOPR indicator, reflecting the profitability of sold coins relative to their original cost, reached a value of 4, indicating fourfold profitability.

Meanwhile, markets await the U.S. employment report, which could influence Federal Reserve decisions. Jag Kooner from Bitfinex highlighted that strong data could slow rate cuts, strengthening the dollar and putting pressure on risk assets like Bitcoin.

However, despite these factors, institutional investor interest continues to grow. Maksym Sakharov from WeFi believes the current growth is driven by major players who see Bitcoin as a hedge against inflation. “The combination of institutional purchases and dovish monetary policies could lead to new highs,” he concluded.