The cryptocurrency market is witnessing exciting historical milestones as Bitcoin (BTC) has just established a new all-time high, approaching 123,000 USD. This is an extremely strong signal, affirming the remarkable maturation process of the leading digital asset, driven by both individual and institutional investors.
Bitcoin ETF and Institutional Cash Flow Explosion
Right at the moment when $BTC reached its peak, BlackRock's Bitcoin ETF IBIT achieved an incredible milestone: reaching 80 billion USD in assets under management (AUM) just 374 days after its launch, becoming the fastest-growing ETF in history. IBIT currently holds over 700,000 BTC, equivalent to 3.5% of the total circulating supply – an unprecedented figure, showcasing Bitcoin's immense appeal to institutions.
Market sentiment is extremely optimistic. According to Tokenpost, 88% of investors believe that BTC will continue to reach new heights this month, and 25% expect Bitcoin to hit 130,000 USD as early as July. On-chain data shows that the amount of BTC held on exchanges is sharply declining to its lowest level in years, demonstrating that whales and institutions are accumulating long-term rather than preparing to sell.
Technical analyses also consistently forecast a positive outlook: if BTC maintains support around 117,500 USD, the price could rise to the range of 125,000–134,000 USD in the short term, and even reach 143,000–146,000 USD before a natural correction. Although there is a possibility of temporary profit-taking bringing the price down to 111,000-113,000 USD, this is seen as the last opportunity to accumulate before the strong upward momentum continues.
Prospects of 200,000 USD and Bitcoin's New Role
Confidence in Bitcoin is further reinforced as Matt Hougan, Chief Investment Officer of #Bitwise Asset Management, stated on CNBC that "We expect Bitcoin to surpass 200,000 USD this year." This is no longer a fanciful prediction, but a completely feasible goal based on the momentum from ETFs, buying power of the "big players," and the current macroeconomic landscape.
Bitcoin is emerging as a new financial reference point in the context of governments continuously expanding spending and rising inflation. With a limited supply and a transparent, decentralized mechanism, Bitcoin is not only "digital gold" but also a widely recognized parallel financial system.
Additionally, expectations for the U.S. Federal Reserve (FED) to cut interest rates are rising, providing further impetus for capital to flow into risk assets such as crypto. A series of important bills related to crypto, such as the CLARITY Act and GENIUS Act, are being reviewed by the U.S. Congress during "Crypto Week" from July 14-17, which could add fuel and usher in a stronger era of growth for the cryptocurrency market.
