Bitcoin reached a new all-time high this week, crossing $118,000 (~ ₹1 crore) for the first time in its history. On July 11, the price briefly touched around $118,872 before settling slightly lower near $118,396. Notably, this comes just months after the world’s most popular cryptocurrency, Bitcoin (BTC), surpassed the $100,000 mark in December 2024.
This sharp rise happened as big investors put a lot of money into Bitcoin exchange-traded funds (ETFs), with over $1.18 billion added in just one day (the second-largest amount ever in a single day). Some large financial institutions are continuously showing strong interest and appear to be treating BTC as a legitimate investment asset. For example, giants like BlackRock and Fidelity have significantly increased their exposure through spot Bitcoin ETFs. In total, ETF inflows for the year have now surpassed $51 billion. Additionally, over 130 publicly listed companies now hold Bitcoin on their balance sheets, representing around 3.2% of the circulating supply.
Even last month, Trump Media & Technology Group (TMTG) filed a request with the US Securities and Exchange Commission (SEC) to launch a new cryptocurrency exchange-traded fund (ETF) that would include both Bitcoin and Ethereum. The proposed fund would invest 75% in Bitcoin and 25% in Ethereum. Additionally, the SEC recently approved a separate plan from the company to invest up to $2.3 billion in Bitcoin through a treasury deal backed by around 50 private investors.
At the same time, many traders who bet against Bitcoin lost money, with over $1 billion wiped out (which also helped push the price even higher). Reports suggest that in the past 24 hours, over 237,000 leveraged traders were liquidated, with one of the largest losses being a $88 million position on the HTX exchange. Along with BTC, Ethereum (ETH) has also witnessed major gains, climbing back to the $3,000 mark for the first time since February. On July 11, ETH surged by more than 6%.
Importantly, the crypto market is also being boosted by recent economic and political developments. Many investors believe the US Federal Reserve may start cutting interest rates as soon as September 2025, which would likely weaken the US dollar and increase the appeal of alternative assets like Bitcoin and Ethereum. Actually, lower interest rates usually shift investor focus toward high-growth or non-traditional markets, including cryptocurrencies.
On the political side, the environment for digital assets has become more supportive, especially in the current Trump regime. In his second term, US President Donald Trump has taken significant steps in favour of the crypto space. In January 2025, he signed Executive Order 14178, which rolled back many of the restrictive crypto rules put in place during the Biden administration and formally banned the creation of a US central bank digital currency (CBDC). Then, in March 2025, he launched a National Crypto Reserve, made up of seized digital assets like Bitcoin, Ethereum, and XRP. Additionally, lawmakers from both parties are backing pro-crypto legislation (like the Genius Act, which aims to create clearer rules for the industry).
