Bitcoin’s record increase beyond the $ 118,000 is not linked to the policy or actions of Fed. On the other hand, analysts say that corporate treasury strategies and ETF demand are promoting this historical movement. Meanwhile, Altcoins is emerging in the stela of BTC.
Bitcoin (BTC) destroyed its previous maximum of $ 116,000 of $ 116,000 on July 11, reaching its maximum point at $ 118,872 before establishing about $ 117,300, obtaining a daily gain of 3% that masked the frenzy under the surface. Ethereum (Eth) exceeded BTC with an increase of 7%, recovering $ 3,000 for the first time since February, while Memecoins like Dogecoin (DOGE) and Shiba Inu (Swain) They published manifestations of two digits.
According to Thomas Perfumo, Kraken’s global economist, Bitcoin is “breaking a range of months” and enters a fresh territory for price discovery. Perfumo said that more than $ 1 billion in short positions were settled only in the last 24 hours, while Bitcoin’s domain slightly slightly slightly slightly, a rare sign that Altcoins leads the load.
“At the same time, force in US actions, which is currently quoted in or near the historical maximums, is showing a robust risk environment, a support curtain for crypto,” said perfume in a statement obtained by Crypto.News on Friday.
With the immersion in the Bitcoin domain at 54%, the market is witnessing a rare convergence, one in which institutional accumulation and those derived from the chaos of chaos fuel in all areas, not only at the top. The question now is not whether Macro is important, but if Crypto’s market mechanics have been permanently decoupled from traditional triggers.
The market structure, not the macro, is directing the rally
What distinguishes this concentration of above is its base. Analysts do not point to central banks or macro volatility such as spark. Instead, they are observing structural flows within the cryptography market itself, especially the direct impact of the spot ETF demand.
Bitcoin ETFS registered its largest day of tickets at 2025 on Thursday, obtaining $ 1.18 billion, according to Sosoveo data. Etfs of Ethereum followed its example with its second most leading of the year at $ 383 million. These are not bets of speculative future or proxy operations through microcap actions. They are direct intensive commitments in capital to detect assets.
Nicolai Sondergaard, Nansen’s research analyst, sees the break through that lens.
“In my opinion, this is not a macro rally, but rather an isolated event. That said, the developments of recent policies of the United States, such as fiscal expansion and expectations of additional monetary flexibility, have created a backdrop that is undeniably favorable for Bitcoin. We are seeing Bitcoin Treasury Strategies prolifer BTC as a balance balance, “, we also see that Treasury’s ares are sent in a Bojolos account state, which also reflects the Bojo Boolset balance. Crypto.news.
Sondergaard emphasized that Bitcoin Break’s key liquidation levels through liquidation, and their ability to stay above them, acted as an activation point for this last rally throughout the market.
What comes next depends on sustainability. Past rallies were based on macroeconomic tail winds. This is to prove if Crypto’s internal mechanics, such as ETF flows, corporate adoption and derivative markets, can support independent valuations. If so, we can be witnessing the birth of a new market paradigm, one where Crypto writes his own rules.
