Bitcoin Breaks Records, But the Real Momentum May Still Be Ahead

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.

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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.

Alexander Stefanov