Institutional buying has caused the cryptocurrency market to soar. Since this morning (the 11th), Bitcoin has skyrocketed past $116,000, and by noon, it has broken the $118,000 mark, setting a new historical high.
Bitcoin's midday peak reached $118,254, and as of writing, it has fallen back to $117,838, up 5.9% in the past 24 hours. Bitcoin has set a new historical high, signaling a strong indication that a 'bull market is about to start'.
Recently, the overall economic environment has stabilized, coupled with institutional investors accelerating their positioning, reigniting market enthusiasm for Bitcoin. This shift in funds reflects the market's growing confidence in Bitcoin, viewing it as a regulated long-term asset, akin to digital gold.
Currently, the only risk in the market is if the US Consumer Price Index (CPI) data to be announced on July 15 reignites inflation concerns, which could lead to a profit-taking wave that suppresses Bitcoin's upward trend.
Nearly $1.2 billion in a single day, Bitcoin spot ETF welcomes the second-highest fund inflow ever.
Bitcoin spot ETFs play a key role in this round of offensive. According to statistics, the net inflow into US Bitcoin spot ETFs reached $1.18 billion on Thursday, setting the second-highest record since their listing, with institutional funds in full swing and showing no restraint. This surge in ETF buying reflects the market's renewed expectations for US interest rate cuts and institutional investors' growing appetite for Bitcoin.
Many companies have started to follow Strategy by incorporating Bitcoin into their asset allocation, and the listing of ETFs has further lowered the entry barriers. This continuously expanding demand base is an important fuel for driving Bitcoin to new heights.
Although there are still uncertainties such as tariff risks looming in the short term, the cryptocurrency market still has multiple tailwinds to support the continuation of the bullish pattern: looking ahead, even if there are still variables in the short term, expectations for the US to start an interest rate cut cycle and the growth trend adopted by institutions will provide strong tailwinds for the market.
The demand for Bitcoin spot ETFs may remain strong in the medium term, especially as Bitcoin's role in diversified investment portfolios continues to evolve.
In fact, Bitcoin has already switched back to an upward trend on the daily chart since yesterday. As long as it does not fall below $105,000 in the short term, this new high can be considered a valid breakthrough. Moreover, if $110,000 becomes a support level instead of resistance, it will further benefit the price's continued rise. The prediction market Polymarket shows a 67% chance of Bitcoin breaking $120,000 in July, indicating that the market is very optimistic about Bitcoin's continued new highs.
Yesterday, the US reported unemployment numbers that were lower than expected. The US stock market stopped its breakthrough due to the data, but it did not hinder market expectations for an upcoming interest rate cut cycle, so US stocks did not show significant declines, and cryptocurrencies rose across the board. Next week, the US will release CPI, which is a significant economic data point for this month, as it directly reflects whether Trump's policies over the past six months have impacted inflation, so significant market fluctuations are expected next week.
This bull market is far from over.
If more institutional-level trading platforms open up for Bitcoin investments in the future, these potential catalysts are expected to help Bitcoin further challenge $150,000 this year. The US M2 money supply is close to historical highs, and market liquidity is abundant. Hold onto the spot; the spring of altcoins is just around the corner.