Bitcoin broke through $113,800 last night and continues to rise to $117,400, driving the cryptocurrency market up. In the past 24 hours, the total liquidation in the cryptocurrency perpetual contract market reached $1.13 billion, with over $1 billion in short positions liquidated.

Institutional fund inflows are the main driving force. Since July, the inflow into U.S. Bitcoin spot ETFs has exceeded $50 billion, providing price support. Glassnode data shows that Bitcoin's realized market cap has increased by $4.4 billion, reflecting active investment rather than pure speculation.

CryptoQuant analysts predict Bitcoin may reach $130,900 (when MVRV reaches 2.75), but if long-term holders realize profits exceeding 300%, it could trigger a sell-off; currently, the profit rate is 215%. The founder of Milk Road is even more optimistic, predicting a target price of $150,000.