Bitcoin broke the $117,000 mark amid strong institutional demand and positive regulatory signals. Ethereum updated its multi-month high and consolidated above $3,000, while the entire crypto market jumped by 6,17% to $3.68 trillion.
Bitcoin Reaches New ATH
On Friday morning, Bitcoin surpassed the $118K mark, solidifying its position at previously unreachable levels. Pressure from derivatives markets and strong buying activity from major whales pushed Bitcoin (BTC) up by 6,08% in the past 24 hours to $118.084. The ETH/BTC pair rose by 0,6%, pushing Ethereum (ETH) to $3011 - a 7,79% increase from the previous day.
Large institutional inflows are fueling bullish sentiment. According to The Block, spot Bitcoin ETFs attracted $1.18 billion on Thursday, marking the second-largest inflow since these products launched. Min Jung from Presto Research attributes growing investor interest to lower Federal Reserve rates and broader access to BTC through instruments like ETFs.
Ethereum Gains Momentum After Options Expiry and Whale Purchases
Ethereum (ETH) surged 7,79% in a day, reaching $3011 at the time of writing. The sharp upward move followed the expiry of $609 million worth of options, with the max pain point located at $2.600. This triggered forced short position closures. Experts noted that the put/call ratio of 1.11 indicated that bearish bets were dominant, forcing participants to buy ETH.
On-chain analytics show that more than $358 million worth of ETH was purchased within 24 hours. One wallet (0x35fb) alone acquired $151 million in ETH, including $114 million reportedly on behalf of hedge fund Abraxas Capital. Retail demand also contributed: Robinhood opened ETH staking for users in the United States.
On the technical side, Ethereum broke through the 200-day moving average ($2.454) and the 78,6% Fibonacci retracement level ($2.304). The RSI (14) climbed to 71.6, and the MACD histogram hit +44.71 - the highest bullish divergence since May 2025.
Altcoins React to the Surge in Bitcoin and Ethereum
The rallies in Bitcoin and Ethereum also boosted demand for altcoins:
- XRP (XRP) rose by 0,42% to $2.59 in 24 hours
- BNB (BNB) is trading at $692.99, up 0,17% on the day
- Solana (SOL) climbed 4,98% to $165.62
- Cardano (ADA) became one of the top performers with a daily gain of 12,93%, now priced at $0.7003
- Dogecoin (DOGE) increased by 10,30% to $0.1995
- TRON (TRX) is at $0.2963, up 1,68% for the day
- Among memecoins, PEPE stood out with a 17% gain, outperforming most of the top 100 assets
Regulatory Tailwinds Reinforce the Trend
Institutional interest is being reinforced by recent political moves in the U.S. In March, the Trump administration signed an executive order to establish a national crypto reserve and later proposed pro-crypto figures for key positions: Paul Atkins for the SEC and David Sacks for the AI Council.
At the same time, Trump Media & Technology Group filed documents to launch an ETF focused on a basket of crypto assets, including Bitcoin. In light of this news, market participants are closely watching the upcoming release of the U.S. Consumer Price Index on July 15 and the start of Crypto Week in Washington. Both events could either sustain the current trend or introduce further volatility.
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