Bitcoin Surges 11% to New All-Time High of $118,900 on Institutional Demand

Bitcoin has surged to a new all-time high, reaching nearly $118,900, driven by strong institutional demand and renewed market optimism following the Federal Reserve's June meeting minutes. The minutes suggested that some officials are considering interest rate cuts as early as July, which has bolstered market sentiment. This bullish outlook has been further supported by significant inflows into spot Bitcoin ETFs, which recorded a total of $1.69 billion this week, marking the fifth consecutive weekly increase.

Corporate and institutional demand for Bitcoin has been particularly robust. Japanese investment firm Metaplanet purchased an additional 2,205 BTC, bringing its total holdings to 15,555 BTC. The Blockchain Group also acquired 116 BTC, increasing its holdings to 1,904 BTC. Additionally, Murano Global Investments PLC, a Nasdaq-listed real estate firm, announced plans to establish a Bitcoin Treasury and entered into a Standby Equity Purchase Agreement with Yorkville, with a potential value of up to $500 million, primarily for investing in BTC. Elon Musk's new political group, the America Party, also expressed support for Bitcoin, stating that "Fiat is hopeless, so yes."

The approval of Trump Media Group's "Crypto Blue Chip ETF" could further boost the adoption and liquidity of cryptocurrencies, particularly Bitcoin. The ETF aims to allocate 70% of its assets to BTC, with the remaining 30% distributed among Ethereum, Solana, Cronos, and Ripple. This move signals a bullish outlook for the cryptocurrency market, potentially driving further price increases.

Despite the bullish momentum, there are some signs of concern. US President Donald Trump's tariff policies and the intensifying war in Ukraine could drive investors toward safe-haven assets like Gold, potentially leading to a risk-off sentiment in the market. However, the current on-chain data shows minimal selling pressure from traders, suggesting that Bitcoin could continue its upward trend toward the $120,000 milestone.

The Relative Strength Index (RSI) on the daily chart reads 73, indicating strong bullish momentum. However, traders should be cautious as the chances of a pullback are high due to overbought conditions. The Moving Average Convergence Divergence (MACD) indicator also shows a bullish crossover, suggesting that the upward trend is gaining traction. If the trend continues, Bitcoin could extend its rally toward the key psychological level of $120,000. However, if a correction occurs, support could be found around the upper boundary of a previously broken consolidation zone at $108,355.

While Bitcoin leads with a strong uptrend, Ethereum is also holding its ground just below the psychological $3,000 mark, currently trading at $2,939. It’s up 16.71% on the week, indicating continued strength and correlation with Bitcoin’s bullish momentum. This BTC-ETH alignment often sets the stage for a broader market rally—and that’s exactly what’s unfolding.

Beyond BTC and ETH, altcoins are showing explosive weekly performance, especially those with strong use cases or active ecosystems. XRP has surged 25.13%, now at $2.78. Cardano has gained 23.97%, trading at $0.7122. Dogecoin is up 19.38%, sitting at $0.1959. Solana, despite short-term dips, is up 7.59% for the week at $159.56. With utility-focused narratives and token-specific catalysts driving attention, we’re witnessing the early stages of a true altseason—and it’s no longer just hype.

What makes this phase unique is where the money is flowing. Institutional investors are not exiting—they’re entering, and doing so aggressively at levels never seen before. This undermines the classic "sell-the-top" narrative and instead supports a broader market expansion theory. The logic is simple: if Bitcoin can hold above $115K and Ethereum stabilizes near $3K, liquidity will naturally spill into altcoins.

While institutions have been loading up, the retail wave has yet to hit its peak. That means the current market may still be in an early-to-mid bull cycle rather than the top. If history is any indicator, altcoins could see massive inflows in the coming weeks as confidence builds. Now that Bitcoin has broken through its ceiling, the real question is not “if” but “which altcoin pumps next?”

Arthur Hayes predicts a major altcoin season following Bitcoin's new all-time high, with SEI, SUI, and HBAR already showing strong gains in the current rally. As institutional demand for Bitcoin continues to grow, it remains to be seen whether altcoins will follow suit and experience a similar explosion in price.