Bitcoin Breaks $122K: Rally Driven by ETFs & Institutional Demand
Bitcoin continues its impressive upward trajectory, rising 3.57% to $122,104 in the past 24 hours, building on its strong 7-day (+6.87%) and 30-day (+3.52%) uptrends. This rally has coincided with the broader crypto market capitalization reaching $4.06 trillion, a daily gain of 2.75%. Several key factors are fueling this momentum:
**ETF Inflows Surge: Spot Bitcoin ETFs have experienced a significant surge in demand, with $773 million in net inflows over the past three days. BlackRock's iShares Bitcoin Trust (IBIT) has been a leading contributor to these inflows. IBIT is a spot Bitcoin ETF that allows investors to gain exposure to Bitcoin's price movements without directly owning the cryptocurrency. These substantial inflows from institutional and retail investors indicate growing confidence and adoption of Bitcoin as a legitimate asset class.
**Institutional Accumulation: Michael Saylor's company, Strategy (formerly MicroStrategy), a prominent corporate holder of Bitcoin, plans to expand its already substantial Bitcoin holdings. As of mid-July 2025, Strategy owned 607,770 BTC, making it the largest corporate Bitcoin holder. Their ongoing commitment to accumulating Bitcoin as a treasury asset further signals strong institutional belief in Bitcoin's long-term value and scarcity.
**Technical Breakout: Bitcoin has successfully cleared the $120,000 resistance level, a significant technical milestone. This breakout suggests that buying pressure has overcome selling pressure at this price point, opening the door for further upward movement. Bulls are now eyeing Bitcoin's all-time high of approximately $123,000 (reached on July 14, 2025), with the potential to establish new record highs.