- Bitcoin surged to a new all-time high of $116,664, driven by strong institutional buying and record ETF inflows.
- Over $1.14 billion in leveraged positions were liquidated in 24 hours, with Bitcoin leading losses at $591 million.
- The Crypto Fear & Greed Index entered the “Greed” zone, reflecting growing market optimism after BTC’s breakout.
Bitcoin (BTC) reached a fresh all-time peak of $116,664 on Thursday, thanks to increasing institutional buying, record-busting ETF inflows, and new political backing from the Trump administration. The explosive price surge caused one of the biggest liquidation waves ever seen, indicating a fresh bullish momentum in the cryptocurrency space.
Up to 11:15 p.m. ET, the cryptocurrency had already risen past yesterday’s peak of $113,734 set barely a couple of hours ago. The world’s top cryptocurrency now has a year-to-date gain of nearly 24%, and analysts are targeting the next major resistance at $130,000.
At the time of writing, Bitcoin is trading at $ 117,896 with a 24-hour trading volume of $ 114.50 billion and a market cap of $ 2.33 trillion. BTC price increased 6.06% in the last 24 hours.
As 10X Research shows, a conclusive bullish breakout signal has been initiated. In a recent client note, the company revealed that such signals have a history of yielding median gains of about 20%, which could propel the price of Bitcoin to as high as $133,000 by September.
The unexpected correction caught a lot of traders by surprise. Within the last 24 hours, over $1.14 billion of leveraged positions had been liquidated, with short sellers taking the biggest losses. Bitcoin led the liquidation with $591 million, followed by Ethereum ($241 million) and heavy losses through tokens such as Solana, XRP, and Hyperliquid, according to CoinGlass.
Contributing to the market mania, implied volatility had recently declined to multi-month lows, enabling traders to acquire upside exposure at cheap prices. Moreover, numerous investors were underexposed after the June expiry of the options, which led to a quick repositioning as the momentum gained.
The Crypto Fear & Greed Index now finds itself within the “Greed” area. This follows the new ATH reached by BTC earlier today, which shows the sentiment shift throughout the marketplace as investors become increasingly optimistic.
Also Read: Bitcoin’s Road to $110,630: 365-Day MVRV Signals Bullish Momentum
Bitcoin Soars on Trump and ETF Support
One of the biggest tailwinds behind the growth of Bitcoin has been the new political support provided by Donald Trump. Back in March, Trump released an executive order to establish a national crypto reserve. Since then, his administration has installed major names like pro-crypto appointees into high-profile seats.
That includes former SEC Commissioner Paul Atkins and AI investor David Sacks, the latter now heading crypto-related AI policy. As a parallel, Trump’s Media & Tech Group recently registered to provide a multi-token crypto ETF, including Bitcoin and other major virtual currencies.
Since April 15, Bitcoin ETFs have acquired more than $15 billion of the cryptocurrency. Such institutional buying interest continues to play a decisive role in constraining supply and fueling the current price surge.
“Bitcoin may be transitioning into a higher trading range,” said Thielen. “ETFs are changing the game and driving this rally.”
Shortly, analysts are watching two very significant events: the next U.S. CPI print and the initiation of Crypto Week in Washington, D.C. Each can become yet another catalyst of volatility or help spur new price discovery.
In the short term, the bulls for Bitcoin are dominant, while the larger crypto space enters a new phase of acceleration.
Also Read | Bitcoin ETF Inflows Drop 65% as Market Pulls Back From $110K Peak
