Bitcoin charts new all-time high, over $109,565
Bitcoin set a new all-time high Wednesday, breaking its record from around the time of the inauguration in January.
Why it matters: This bull run is behaving differently from past crypto booms — most notably, the retreat from the recent high has not led to massive losses.
Bitcoin dropped about 30% between January and April, as investors pulled back in a risk-off trade amid economic uncertainty driven by tariff policies — but that's a much lighter retreat from prior collapses that saw losses of over 80%.
By the numbers: As of this writing, the new high on CoinGecko was $109,565, less than $800 above the prior high.
According to Wintermute, a major market maker, the new level to watch is $110,000.
Between the lines: A crucial part of the bitcoin success story since last year has been the launch of bitcoin ETFs.
CoinShares, which tracks publicly traded instruments that contain cryptocurrency, noted that bitcoin funds have fully recovered the assets under management they lost earlier this spring.
These instruments might be a crucial part of the reason that bitcoin has a life preserver protecting it from its past massive falls.
Yes, but: This cycle is different in another crucial way.
In prior crypto bull cycles, even as bitcoin's value rises to new heights, other tokens have also experienced wild runs, which often drives more enthusiasm from traders (professional and otherwise).
But it's been years since the last all-time high for two other cryptocurrencies that played major roles in both the 2021 and 2017 cycles: ether (ETH) and dogecoin (DOGE).
(This could still change — analyst reports have been suggesting that a shift could be ahead.)
What we're watching: September or October.
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