Bitcoin has hit a new all-time high, skyrocketing as traders braced for a price shock from the BlackRock Exchange Traded Fund (ETF).

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The price of bitcoin rose to just over $94,000 per bitcoin, up 150% since this time last year, after BlackRock’s spot bitcoin ETF recorded “unheard of” volumes on its first day of options trading and Tesla billionaire Elon Musk made a surprise crypto approval had been given.

With a top Federal Reserve official suddenly opening up about bitcoin, analysts have predicted that a bitcoin price “tipping point” could be about to send bitcoin to $200,000.

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“The grand total of IBIT’s first day of options is just under $1.9 billion in notional exposure traded across 354,000 contracts,” Bloomberg Intelligence analyst James Seyffart wrote to X. “These options were almost certainly part of the move to the new bitcoin all time highs today.”

Bitcoin spot ETFs have become some of the fastest-growing ETFs of all time after their debut in January, led by BlackRock’s $42 billion bitcoin fund.

Fellow Bloomberg Intelligence analyst Eric Balchunas added that “$1.9 billion is unheard of” for the first day of trading, after previously telling Yahoo Finance a bitcoin could be on the verge of a price tipping point.

“There could come a point where advisors decide ‘I should have it to avoid getting fired’ versus ‘I don’t want to buy it and piss off my client because he has some stupid bitcoin ETF,’” Balchunas said , which predicted a “tip”. point” could spark a new wave of mainstream crypto adoption.

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This tipping point could push the bitcoin price to $200,000 by 2025, according to analysts at the brokerage Bernstein.

“We are entering a phase where we expect intrigue to turn into pain for the bitcoin bears,” analysts led by Gautam Chhugani said on Monday in a note to clients seen by The Block. “Bitcoin to $100,000 seems close and our target of $200,000 bitcoin (by the end of) 2025 doesn’t seem so misleading now.”