Bitcoin Surges to New All-Time High Ahead of Crypto Week

Bitcoin has surged past $120,000, marking a new all-time high as the market sentiment intensifies ahead of Crypto Week. This price surge is notable as it coincides with a period of significant gains across most major crypto sectors. Ethereum, for instance, has remained relatively stable, hovering near the $3,000 mark. Despite this remarkable price performance, Google Trends data indicates that public search interest in Bitcoin is significantly lower than during the previous bull markets of 2017 and 2021. This discrepancy suggests that the current rally is not driven by retail hype but rather by deeper macroeconomic and policy factors. The U.S. raising its $5 trillion debt ceiling, ongoing deficit spending, and the anticipated crypto policy report from the Trump workgroup are all contributing to institutional interest in Bitcoin as a hedge against economic uncertainty. Additionally, seasonal tailwinds, rising call option activity, and short liquidations in July have supported the recent upward momentum. This week, the U.S. Congress is poised to vote on several critical crypto-related bills, including the GENIUS Act, which aims to promote innovation, the CLARITY Act, focused on regulatory transparency, and the Anti-CBDC Surveillance State Act, which seeks to limit surveillance via central bank digital currencies. These bills, if enacted, could provide legal clarity, attract institutional capital, and accelerate the maturation of the U.S. crypto ecosystem. The GENIUS and CLARITY Acts suggest a push for a clearer, innovation-friendly regulatory framework, while the Anti-CBDC Act addresses privacy concerns around digital surveillance. Although the market remains cautious until formal passage, the potential impact of these legislative changes is significant. On July 12, Pump.fun completed its PUMP token presale in just 12 minutes, attracting 23,959 KYC-verified wallets. A total of 10,145 addresses successfully purchased tokens, with an average contribution of $44,209. Notably, 89.7% of the funds were raised directly through the official website, while only 10.3% came from centralized exchanges. Among the participants, 202 wallets each contributed over $1 million, while over 5,700 wallets subscribed with less than $1,000. Raising over $500 million, Pump.fun’s ICO now ranks as the third-largest in crypto history, underscoring the project’s dominance in the Meme sector. However, fund concentration is notable: the top 340 addresses collectively contributed more than $300 million, or 60% of the total. While this institutional-level backing may provide strong price support initially, it also introduces volatility risk if these large holders begin to exit the market.