#BTC再创新高

🔥 **Bitcoin breaks $112,000! Third all-time high this year, institutional capital leads structural bull market**

**🚀 Core drivers**

1. **Institutional whales entering**: Spot Bitcoin ETF net inflow of **$1.44 billion** in 2025, BlackRock attracting **$370 million** in a single day; companies are accelerating coin accumulation, with 143 publicly listed companies holding 858,000 BTC (worth $95.3 billion).

2. **Policy dividends erupt**: The U.S. Congress will review the **GENIUS Stablecoin Act** and the **CLARITY Act** next week, regulatory clarity unlocking traditional capital gates.

3. **Macroeconomic environment assists**: Expectations for U.S. Federal Reserve rate cuts are rising (63% probability in September), the U.S. dollar index weakens, Bitcoin's “digital gold” attribute is endorsed by institutions such as JPMorgan.

**⚠️ Risk Warning**

• **High leverage bubble**: Derivative trading volume accounts for 93%, a large number of liquidations are concentrated in the $107,350–$109,800 range, breaking this could trigger a chain reaction.

• **Halving cycle curse**: History shows significant drops often occur 18 months after halving (September-October 2025 is a critical window), but Standard Chartered believes ETF inflows will break the curse, with a year-end target of **$200,000**.

**📈 Technical signals**

• After breaking the strong resistance at **$110,000**, it enters price discovery mode, with a short-term target of **$115,000-$120,000** (dense area of options open interest at the end of July).

• If it holds the support at **$107,350**, the stair-step upward trend remains unchanged.

BTC Bitcoin new high

> 💡 **Strategy Tip**: Spot holders can move stop-loss along EMA21 for profit; contracts should avoid chasing highs, pay attention to CPI data (July 11) and FOMC meeting (July 30) for volatility opportunities.