On August 11, Bitcoin's performance was outstanding.

The price of Bitcoin surged rapidly for a short time, breaking through $121,000; it then continued to rise, at one point increasing by 3.2% to exceed $122,000, reaching a new high since July 18. As of around 5:30 PM, the price of Bitcoin was $121,452, up 2.63%; as of the time of this report, the price of Bitcoin was $121,583, up 3.13%; as of the Shenzhen Commercial Daily report, Bitcoin was quoted at $121,223.6 per coin, rising nearly 4% within 24 hours.

Market Impact

Other cryptocurrencies: As Bitcoin's price rose, other major cryptocurrencies also experienced upward trends. Among them, Ethereum's price broke through $4,300 on the same day; ENA briefly touched 0.837 USDT, with an increase of 11.35%; ZORA briefly broke through $0.13, with an increase of 27.35%, continuing to set a new historical high.

- Investor liquidations: Amidst the dramatic fluctuations in cryptocurrencies, the number of liquidations has risen sharply. According to the latest data from CoinGlass, in the last 24 hours, a total of 113,100 people worldwide faced liquidation, with a total liquidation amount reaching $373 million, of which the liquidation amount for long positions was $170 million, and for short positions was $218 million, with the largest single liquidation occurring on OKX-BTC, valued at $9.144 million.

Analysis of the Reasons for the Rise

Institutional Investor Push: Continuous buying by institutional investors is a significant factor. According to Coingecko data, a publicly listed financial company focused on accumulating crypto assets currently holds Bitcoin reserves worth $113 billion. Institutional funds are continuously flowing into corporate bonds and U.S. spot ETFs, and large-scale purchases are continuously reducing the liquidity of Bitcoin on trading platforms.

Market Sentiment Shift: Following the U.S. imposition of new tariffs on imported gold bars, market sentiment has shifted. Against the backdrop of supply bottlenecks and policy risks facing gold, Bitcoin, as a borderless and tariff-free value storage vehicle, is gaining favor among an increasing number of investors.

Macroeconomic and Market Expectations: The global macro interest rate cut cycle and the traditional financial system's accelerated acceptance of crypto assets have significantly tilted the holding structure of Bitcoin and Ethereum towards bullish options expiring in September and December, with investors betting on the timing of macro rate cuts and the ongoing acceptance of cryptocurrencies by the traditional financial system. Additionally, positive macroeconomic prospects continue to support risk assets, including cryptocurrencies.