Bitcoin is currently less than two percentage points away from reclaiming last week’s all-time high of $93,265.
At the time of writing, the BTC/USD pair was swapping for $91,700 following a 1.4% morning advance.
The world’s largest cryptocurrency has been on a rip ever since President-elect Donald Trump's successful election campaign when he promised to usher in pro-crypto policies and regulations.
Spot-bitcoin exchange-traded fund flows have, however, started to moderate.
The ETF market saw $255 million worth of inflows on Monday, following $77 million of outflows in the prior two days.
Immediately following the election, the ETF market was seeing up to $1 billion worth of inflows daily.
Bitcoin is currently up 117% year to date – Credit: tradingview.com
Bitcoin is being supported by news that its largest corporate shareholder MicroStrategy Incorporated (NASDAQ:MSTR) has increased its ownership by another $4.6 billion.
It marks the largest single purchase from MicroStrategy, which has transitioned from a software firm to a bitcoin proxy under its founder and bitcoin evangelist Michael Saylor.
MicroStrategy’s Bitcoin arsenal is now worth more than $16 billion, making it the largest corporate holder of the cryptocurrency.
MicroStrategy has been tapping the debt and equity markets to fund the purchases.
Most recently, it announced a $1.75 billion senior note offering as part of a plan to raise $42 billion in capital over the next three years.