Bitcoin Surpasses $123,000 New High: Institutional Entry and the Start of Altcoin Season
Bitcoin has once again refreshed its historical peak, surpassing $123,300 before the publication of this report. Notably, Bitcoin's market share remains around 64%, continuously declining for half a month, clearly indicating that market funds are gradually shifting towards the altcoin market. In fact, we had already suggested two weeks ago that the altcoin craze is expected to gradually begin in the second half of the year, and advised everyone to prepare in advance for related cryptocurrencies.
The Core Logic Behind Bitcoin's Strong Surge
The recent rise in Bitcoin does not rely on news-driven speculation, but rather stems from sustained inflows of capital from multiple dimensions, especially the increased purchasing actions of professional institutions becoming a key driving force. In the second quarter, corporate Bitcoin holdings surged, with total holdings surpassing 847,000. Among them, Michael Saylor's company currently holds 597,325 Bitcoins; the US Bitcoin spot ETF has for the first time seen consecutive days of inflows exceeding $1 billion. Combined with the backdrop of the US $7 trillion deficit fluctuations, Bitcoin is transitioning from a technical narrative to a macro asset hedging tool against US fiscal risks, which has attracted a large amount of risk-averse capital into the market.
