#BTC再创新高

Institutional capital structural entry

Continuous inflow of ETF funds: Net inflow of over $5 billion in Bitcoin spot ETFs in a single month, with institutional holdings from firms like BlackRock and Fidelity exceeding 26%, forming stable buying support.

Normalization of corporate allocation: Public companies (such as MicroStrategy) are incorporating Bitcoin into their treasury reserves, shifting the allocation logic from speculation to a dual attribute of 'digital gold' + 'technology growth stocks'.

Increased demand stickiness: Institutional demand enters through regulated instruments (like ETFs and trusts), which are more stable than retail investors, pushing the price focus higher.

Expectations of macro liquidity easing

Federal Reserve rate cut signals: The June meeting minutes released dovish signals, and the market bets on a rate cut in September, with weakening real interest rates boosting risk assets.

Weakened dollar safe-haven attributes: Global geopolitical conflicts (Middle East, tariff policies) diminish the attractiveness of traditional safe-haven assets, with funds turning to Bitcoin to hedge against fiat currency depreciation risks.

Market sentiment and technical breakthroughs resonate

Short squeeze trigger: After breaking the key resistance of $110,000, $280 million in short positions were liquidated, with passive buying accelerating the rise.

Tech stock linkage effect: Nvidia's market capitalization surpassed $4 trillion, driving the Nasdaq to new highs, with the 'AI + crypto' asset linkage model being recognized by funds.

Derivatives leverage boost: Derivatives trading volume surged by 72% in a single day, with open interest reaching $79.3 billion, and the long position ratio rising to 1.5 (Binance data).