Bitcoin breaks into uncharted territory 🚀
$BTC touched $124,400, overtaking its previous ATH of $123,164; momentum driven by deep-pocketed buyers.

Recent drivers:

- MicroStrategy added 155 BTC this week, now holding 628,946 BTC (~$77.2B)

- SpaceX owns 8,285 BTC (~$1.02B)

- Public firms collectively control 951K+ BTC, further draining exchange supply

💡 Why it matters

- Institutional accumulation is creating a real supply squeeze; MSTR’s latest buy alone equals ~8 days of new issuance

- ETF inflows and corporate disclosures (e.g., Tesla’s 11,509 BTC) add layers of steady demand

- Odds of a Fed rate cut in Sept sit at 80% — weaker USD often supports BTC

- Google lifting its ban on non-custodial wallets signals a friendlier policy backdrop

📊 What to watch

- U.S. CPI data & Fed minutes on Aug 14 for policy confirmation

- Whether BTC can establish $120K+ as a strong support level amid its 0.72 correlation with the S&P 500 #BTCBreaksATH