Since the beginning of July 2025, it has demonstrated strong growth, rising by more than 15%. Over the past few days, the cryptocurrency has regularly set new records, and on July 14, it first exceeded the $123,000 mark. Its market capitalization has grown to over $2.4 trillion, allowing Bitcoin to surpass Amazon in this metric.
What is behind such growth?
Institutional demand and macroeconomics are the main drivers of the market.
Ryan Lee, chief analyst at Bitget Research, believes that the current growth is supported by a favorable macroeconomic background and institutional activity. Expectations of a decrease in the federal funds rate by the Federal Reserve in the fall and the weakening of the US dollar create positive conditions for continuing the bullish trend.
In turn, Benjamin Stany, head of ecosystem development at Matrixport, noted that the breakthrough to a new high was the result of a combination of several factors: from the global economic situation to the emergence of a new wave of investors.
The market remained in a limited price corridor for a long time, and the breakthrough moment was accompanied by massive liquidations of short positions, which allowed for an easy passage through a strong resistance zone.
Stany emphasized the importance of institutional interest. In particular, substantial investments in Bitcoin indicate the growing involvement of major players. Moreover, the phenomenon of 'Bitcoin treasuries' is actively developing, where companies allocate funds for the acquisition of Bitcoin as part of their financial strategy.
Demand for risk assets and cryptocurrency treasuries.
Kyrylo Chomyakov, regional director of Binance in Eastern Europe, Central Asia, and Africa, also believes that the main driver of the current growth is the increasing interest from institutions. According to him, investors are actively buying spot ETFs on Bitcoin, and the overall market dynamics demonstrate an increased risk appetite.
Chomyakov also notes that the stock indices Nasdaq and S&P 500 are setting new records, and capital is flowing into technological sectors, especially those related to artificial intelligence and the digital economy. Binance Research analytics indicate a shift of investments from defensive assets to riskier ones, including cryptocurrencies. Bitcoin benefits from this process as the main cryptocurrency in the market.
Another trend he highlights is the growing corporate interest in cryptocurrencies. More and more companies are incorporating Bitcoin into their financial reserves, thereby developing the concept of 'cryptocurrency treasury' — a new format of capital management in business.
