Bitcoin (BTCUSD) has shattered expectations once again. On Monday, the world’s largest cryptocurrency soared to a new all-time high of $123,055.43, powered by record ETF inflows, legislative momentum in Washington, and a growing wave of institutional demand that shows no signs of slowing.
The move marks a massive 15% gain in just one month and a stunning 65% rebound from the tariff-induced lows seen back in April. The milestone also cements Bitcoin’s standing as the fifth-largest asset in the world by market cap, now eclipsing Silver (XAGUSD) and even Amazon (NASDAQ: AMZN).
ETFs Lead the Charge
At the center of the rally is the explosive rise of Bitcoin ETFs, particularly BlackRock (NYSE: BLK) owned iShares Bitcoin Trust ETF (NASDAQ: IBIT). The fund has smashed records by hitting $80 billion in assets under management, faster than any ETF in history.
Institutional inflows into Bitcoin ETFs have surged in recent days. According to Farside Investors, ETFs raked in $3.4 billion so far in July, including a record $2.2 billion over just two days last week. Short-term holders have joined the fray as well, triggering short liquidations and amplifying the upward momentum.
“Since the U.S. approval of bitcoin ETFs, we’ve seen institutional adoption of bitcoin,” said Nikhil Bhatia, professor of finance and business economics at USC, in an interview with ABC News.
Meanwhile, retail investors have remained relatively sidelined during this leg of the rally, which analysts say points to a more mature and stable bull run compared to the speculative frenzy of previous cycles.
“Crypto Week” Signals Policy Shift
The rally has arrived just as U.S. lawmakers kicked off “Crypto Week,” a historic legislative effort that could finally bring regulatory clarity to the digital asset industry.
The House of Representatives began debating three major bills on Monday: the CLARITY Act, the Anti-CBDC Surveillance State Act, and the Senate’s GENIUS Act, which targets stablecoin regulation. Together, they represent the most significant attempt yet to provide a comprehensive framework for digital assets in the U.S.
Chairman French Hill of the House Financial Services Committee stated:
We are taking historic steps to ensure the United States remains the world’s leader in innovation, and I look forward to ‘Crypto Week’ in the House. After years of dedicated work in Congress on digital assets, we are advancing landmark legislation to establish a clear regulatory framework for digital assets that safeguards consumers and investors, provides rules for the issuance and operation of dollar-backed payment stablecoins, and permanently blocks the creation of a Central Bank Digital Currency (CBDC) to safeguard Americans’ financial privacy.
The push has received strong support from President Donald Trump, who has publicly backed a pro-crypto agenda and continues to be involved in various crypto ventures. In March, Trump-backed World Liberty Financial launched its own stablecoin, USD1, which recently played a role in a $2 billion investment into Binance.
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Coinbase and Ethereum Ride the Wave
As bitcoin surged, so did other crypto-related assets. Coinbase (NASDAQ: COIN) stock hit a record $398.50, pushing its market cap above $100 billion. Analysts at Argus Research called Coinbase’s growth “off the charts” and reiterated a buy rating with a $400 price target.
In a research note, Argus analysts Kevin Heal and Masako Inagaki wrote:
On the fundamentals, [COIN] shares are off the charts. That said, we believe that COIN’s margins are higher than the peer group and its growth runway is promising, justifying the premium, at least in the near term and during a bull market.
Altcoins also saw gains. Ethereum (ETHUSD) ticked up 1%, while Solana (SOLUSD) climbed 2%. But it’s bitcoin that continues to dominate headlines, fueled by what Bitfinex calls a “fundamental repricing” driven by structural demand.
Bitcoin’s High-Beta Safe Haven Role
Behind the technicals lies a broader macroeconomic shift. As traditional markets wobble under the pressure of trade tensions, rising interest rates, and recession fears, bitcoin has increasingly behaved like a high-beta safe haven.
“Bitcoinʼs strong relative performance during a period of geopolitical stress and fiscal recalibration supports the ‘digital gold’ thesis, but with a modern twist, Bitcoin behaves like a safe haven, just with higher beta,” noted Bitfinex analysts.
Wallets holding under 100 BTC have been accumulating 19,300 BTC per month, far outstripping the post-halving monthly issuance of 13,400 BTC. That imbalance has reduced sell-side pressure and underscored the rising demand from both institutional giants and retail investors alike.
What’s Next?
Despite the excitement, some analysts remain cautious. Markus Thielen of 10x Research pointed to the Federal Reserve’s hawkish stance as a potential headwind, especially if interest rates rise further due to global tariff conflicts. Still, Thielen sees upside ahead, with a year-end bitcoin price target of $140,000 to $160,000.
Others, like Jeff Mei of BTSE, remain even more bullish. “We believe that Bitcoin’s surge is driven by longer-term institutional buyers and this will propel it to $125k in the next month or two,” Mei said in a statement to CNBC.
With ETF inflows at record highs, supportive legislation on the verge of becoming law, and a presidential administration fully backing the crypto sector, bitcoin’s climb may still be in its early stages.
One thing is certain: crypto’s seat at the financial table is no longer up for debate. The digital asset revolution isn’t coming—it’s already here.
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