Bitcoin Hits $123,091 All-Time High Amid Selective Investor Sentiment

Bitcoin has reached a new all-time high of $123,091, sparking renewed excitement in the cryptocurrency market. Changpeng Zhao, the former CEO of Binance, has commented on this milestone, suggesting that this price level is just a fraction of what is to come. Zhao reminded investors that after purchasing Bitcoin in 2014, it took three years for the price to reach $1,000 in 2017. He emphasized that Bitcoin's growth has surpassed all early expectations and that future price levels could be even higher.

Despite the surge in Bitcoin's price, there are notable differences in market behavior compared to previous cycles. When Bitcoin hit $100,000 in December 2024, over $135 billion flowed into crypto markets. However, with Bitcoin currently at $118,000, only $51 billion in inflows has been recorded. This discrepancy suggests that investors are being more selective this cycle, indicating a shift in investor sentiment.

The journey of Bitcoin from $60,000 in September 2024 to $117,000 in July 2025 included an 80% rally into December followed by a deep correction. Prices dipped to around $85,000 in March before bouncing back toward new highs. Investment flows during this period also tell a story. Positive inflows peaked during the late 2024 rally, but as the market corrected in early 2025, outflows increased sharply. However, Bitcoin and Ethereum maintained positive net institutional positioning throughout.

Stablecoin positions imply cautious optimism among investors. Before reentering the market, investors likely stayed out and waited for trends to solidify. Institutional funds, however, did not disappear. The net institutional flow line remained high, indicating sustained confidence in the market. This cautious optimism and growing market maturity are reflected in the steady institutional money flows, despite the fluctuations in capital inflows.