Bitcoin Reaches $119,000 Milestone as Corporate Demand and ETF Inflows Rise 

Bitcoin soared to a new all-time high above $119,000 on July 13, extending its bullish momentum on the back of institutional accumulation, shrinking exchange reserves, and technical breakout patterns.

The recent rally was accelerated by speculation surrounding large corporate BTC purchases. According to CoinMarketCap, treasury firms have reportedly acquired over $554 million worth of Bitcoin this week, though exact sources remain unconfirmed. These signals mirror past accumulation cycles—such as those led by MicroStrategy—where speculative buying from institutions preceded parabolic price moves.

At the same time, spot Bitcoin ETFs saw weekly inflows of $1.18 billion, indicating continued appetite from traditional finance. This demand comes despite broader market caution, with many viewing BTC as a hedge against macro uncertainty and a high-yield store of value in a shifting global economy.

Exchange reserves plummet as supply tightens

On-chain data reveals that Bitcoin held on exchanges has dropped to a 10-year low—now at just 1.25% of total supply. This sharp reduction in exchange-held BTC reduces immediate selling pressure and reinforces the asset’s scarcity narrative. The circulating supply sits at 19.89 million BTC, with only 1.11 million left to be mined under the fixed 21 million cap.

Meanwhile, the 24-hour trading volume fell to $43.56 billion—down 22.4%—suggesting that the recent move was driven more by spot buyers and long-term holders than speculative traders.

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Outlook: Momentum intact but watch key support

Bitcoin’s price action appears structurally healthier than previous cycle tops. Leverage remains relatively low, and retail mania has yet to fully return. The key support to watch is the $114,000 level, which aligns with technical Fibonacci zones and short-term moving averages.

For the rally to sustain, the market may need a new catalyst beyond ETF flows—possibly a confirmed return to Bitcoin accumulation from major corporate entities or further regulatory clarity in the U.S.

Kosta Gushterov

Kosta has been working in the crypto industry for over 4 years. He strives to present different perspectives on a given topic and enjoys the sector for its transparency and dynamism. In his work, he focuses on balanced coverage of events and developments in the crypto space, providing information to his readers from a neutral perspective.