Bitcoin advances toward $115,000 — less than 10% from the all-time high that will be set in late August at $126,279. Institutional flows via ETFs reach record levels, driven by growing demand from U.S. financial advisors.
Institutional democratisation
After 18 months of existence, spot Bitcoin ETFs are now distributed by the main U.S. brokerage platforms — Merrill Lynch, Wells Fargo, Morgan Stanley — to their wealth management clients. This distribution, initially restricted, has progressively widened and represents a new wave of structural institutional demand.
On-chain data shows a mature market
The MVRV reaches 3.4 according to Glassnode — attention zone but consistent with advanced phases of previous cycles. The novelty: LTH (Long-Term Holder) distribution is much more gradual than during the 2017 and 2021 cycles, suggesting a more patient and more institutional investor base.
ETF AUM exceeds $160 billion
Total assets under management of U.S. spot Bitcoin ETFs exceed $160 billion according to Farside Investors — approximately 5.5% of Bitcoin's total market capitalisation. This ratio, in constant progression since January 2024, illustrates the growing depth of the institutional base.
What this data does not tell us
An MVRV of 3.4 with ongoing LTH distribution is a prudence signal. Previous cycles show this level precedes peaks by several months — but the ETF variable makes historical comparison partial.