Bitcoin marked a new all-time high of $111,861 on Bitcoin Pizza Day, but beyond the headline, data suggests this rally is still gaining steam — not cooling off.
Trading volume has doubled in recent days, but market indicators remain steady. Funding rates, which typically spike during overheated conditions, are relatively low. This suggests rising confidence without excessive leverage.
Short-term capital flow — a measure of speculative trading — remains subdued despite the price surge, indicating that the current momentum isn’t driven by rapid profit-chasing.
Meanwhile, large holders are showing patience, with profit-taking significantly lower than in previous rallies.
Institutional interest continues to climb as well. Spot Bitcoin ETFs have reached record-high holdings, underscoring a shift in how major investors view BTC—as a long-term asset rather than a speculative play. This steady demand from institutions adds structural support to the price and reduces the likelihood of abrupt corrections.
With technicals remaining stable, investor behavior calm, and fresh capital entering the market, Bitcoin may still be in the early stages of a larger breakout. The combination of disciplined positioning and rising demand could push BTC further into price discovery in the weeks ahead.
Bitcoin may be entering a typical summer correction phase, according to a July 25 report by crypto financial services firm Matrixport.
Bitcoin has dropped sharply to test its local range low near $115,000, with analysts pointing to renewed whale activity and long-dormant supply movements as key contributors to the decline.
Bitcoin has reached a critical milestone in its programmed supply timeline—only 5.25% of the total BTC that will ever exist remains to be mined.
Strategy the company formerly known as MicroStrategy, has announced the pricing of a new $2.47 billion capital raise through its initial public offering of Variable Rate Series A Perpetual Stretch Preferred Stock (STRC).