Bitcoin Breaks $94,000: Key Metrics and Supply Data
The bitcoin price surged to a high of $94,640 today, climbing over 4% in the last 24 hours. Trading volume reached $46 billion, marking a seven-day high. The current circulating supply is 19,959,806 BTC, with a capped maximum of 21 million. Market capitalization stands at approximately $1.86 trillion, reflecting the daily gain. Meanwhile, the Bitcoin MENA conference wrapped up in Abu Dhabi, bringing together bank leaders and industry thought leaders to discuss Bitcoin's future.
Institutions and Banks Accelerate Bitcoin Adoption
On the institutional front, Jack Mallers' Bitcoin company Strike and Twenty One rang the opening bell at the New York Stock Exchange. Strike holds over 43,500 BTC ($4 billion), making it the world's third-largest publicly listed bitcoin holder. Majority-owned by Tether Investments and Bitfinex, with SoftBank as a significant minority investor, the company combines a bitcoin treasury strategy with operational bitcoin-focused financial services. CEO Jack Mallers highlighted the company's role in integrating bitcoin into payments and financial products.
In traditional banking, PNC Bank became the first major U.S. bank to offer direct spot bitcoin trading to eligible Private Bank clients through its digital platform, using Coinbase's Crypto-as-a-Service infrastructure. The service allows qualified clients to buy, hold, and sell bitcoin without relying on external exchanges. Coinbase provides trading, custody, and settlement infrastructure, while PNC retains the direct client relationship and regulatory oversight. This follows a strategic partnership announced in July and signals a growing trend among U.S. banks to integrate bitcoin into wealth management.
Additionally, last week Bank of America urged its wealth management clients to allocate 1% to 4% of their portfolios to digital assets, signaling a major shift in its approach to bitcoin exposure. The move allows over 15,000 advisors across Merrill, Bank of America Private Bank, and Merrill Edge to proactively recommend crypto to clients.
Bitcoin Price Rally: Major Banks Enter the Fray
The recent bitcoin price rally comes amid growing adoption and institutional interest. Large players are integrating bitcoin into payments and financial products. The PNC-Coinbase partnership exemplifies how banks can offer direct exposure without external exchanges. On the macroeconomic front, Ark Invest CEO Cathie Wood said the bitcoin price's four-year cycle may shift, suggesting the market may have already seen its lows. Neuberger CIO Shannon Saccocia also noted that expected Federal Reserve rate cuts and AI-driven productivity gains could lift equities and other risk assets. Stocks often perform well when the economy avoids recession and the Fed is easing. At the time of writing, the bitcoin price is $94,061.