Bitcoin’s price is in sight of an all-time high and the crypto faithful are on tenterhooks waiting for a never-before-seen level. But in market value terms the token already touched a record.

The market capitalization of Bitcoin reached US$1.35 trillion, scaling the peak of $1.28 trillion from November 2021, CoinGecko data show. That was the month the token jumped to $68,991.85 at the apogee of its pandemic-era bull run.

Bitcoin’s supply has grown since then, taking its capitalization to new ground amid the oldest cryptocurrency’s latest rally. The digital asset was little changed at about $67,360 on Tuesday, having earlier hit $68,804.

Historically, a record market value “has been the more reliable price signal that a new phase of the current market is starting,” said David Lawant, head of research at crypto prime broker FalconX.

Demand from new U.S. spot Bitcoin exchange-traded funds, as well as a looming reduction in the token’s supply growth, have fueled recent gains. The ETFs from the likes of BlackRock Inc. and Fidelity Investments have attracted almost $8 billion of net inflows since debuting on Jan. 11.

Speculative fervor has also returned more broadly in crypto, from leveraged bets in derivatives markets to double-digit intraday advances in meme coins. For instance, open interest at Chicago-based CME Group’s Bitcoin futures market climbed to a record on March 4. 

The extended investor positioning suggests the digital-asset market is potentially vulnerable to a reversal if ETF demand starts to moderate. But for now the activity in spot, ETF and derivatives markets is mostly bullish.

“It’s been the flow show driving price action,” Chris Weston, head of research at Pepperstone Group Ltd., wrote in a note.