Bitcoin Soars Above $3 Trillion as Institutional Buying Fueled Rally

Bitcoin's price surge has pushed the cryptocurrency market above $3 trillion for the first time since January, driven by institutional buying and short liquidations.

The rally has also brought more leveraged trading into the market, with open interest in perpetual futures across cryptocurrencies climbing to nearly $160 billion, according to CoinGlass data.

Demand through U.S. spot Bitcoin exchange-traded funds picked up during the rally, with the funds recording $999 million in net inflows on Monday, their largest single-day total since October 6, when Bitcoin reached its record high.

BlackRock's iShares Bitcoin Trust accounted for about $381 million of Monday's inflows, while the ARK 21Shares Bitcoin ETF drew about $289 million and Fidelity's Wise Origin Bitcoin Fund received roughly $239 million, according to SoSoValue data.