The cryptocurrency market went through heightened market activity today. The latest market movements are seeing propelled moves by major institutions, record-breaking price surges, and regulatory developments.

The gaming giant SharpLink Gaming made a bold move today by acquiring 10,000 ETH from the Ethereum Foundation. The deal was carried out with the gaming firm spending $25.7 million for the new ETH bag in an over-the-counter (OTC) deal. The transaction boosted the company’s Ethereum holdings to 215,634 ETH, valued at over $550 million, further cementing its position as the largest publicly traded ETH holder.

Bitcoin smashed records and hit a new all-time high of $118,856 today. It is largely driven by institutional demand and ETF inflows exceeding a billion dollars. The rally in Bitcoin price also sparked a surge into leading altcoins, meme coins, and DeFi tokens. 

The Royal Government of Bhutan transferred 100.215 BTC, worth $11.83 million, to Binance. They have transferred a total of 449.3 BTC ($50.15 million) over the past 11 days. Managed by Druk Holdings, Bhutan’s 11,711 Bitcoin (worth approximately $1.3 billion) reflects strategic profit-taking amid Bitcoin reaching a new all-time high. 

GMX decentralized exchange resolved a major hack as the attacker agreed to return stolen funds for a 10% bounty, estimated at $2.4 million of the $24 million exploit. The deal, negotiated via on-chain messages, aims to restore user funds and bolster GMX’s security reputation in DeFi.

Crypto traders saw over $1 billion in short positions liquidations as Bitcoin and Ethereum prices soared, with $678 million in BTC and $300 million in ETH shorts wiped out. Binance’s perpetual futures funding rate hit +0.01%, signaling heavy leveraged buying as Bitcoin crossed $118,000 today. 

Also read: Will Bitcoin Hit $120K Next As Bullish Dominance Rises?