Bitcoin Hits Record Highs Institutional Investors Drive 20% Surge

Bitcoin has reached consecutive record highs this week, yet retail investors seem reluctant to jump back into the market. According to a crypto researcher, the demand for spot Bitcoin (BTC) exchange-traded funds (ETFs) is surging, with Thursday and Friday recording daily inflows of over $1 billion, the first time this has happened on two consecutive days.

Bitwise head of research André Dragosch noted in an X post on Friday, “Bitcoin is at new all-time highs but retail is almost nowhere to be found,” pointing to the lack of Google search interest in “Bitcoin” despite the asset setting consecutive all-time highs this week. Dragosch attributed the latest leg up to institutional investors, highlighting the significant role they play in the current market dynamics.

Google global search interest for the term “Bitcoin” increased by 8% from June 29–July 5 to July 6–12, coinciding with Bitcoin breaking its previous all-time high of $111,970 on Wednesday, and climbing further to $118,780 by Friday. However, Bitcoin search interest is 60% lower than the week of Nov. 10–16, 2024, the week after Donald Trump won the US presidential election. That period was followed by a month-long rally that propelled Bitcoin to reach $100,000 for the first time ever on Dec. 5.

Some Bitcoin proponents are speculating that retail investors may perceive the current price of Bitcoin as too high to enter the market. Bitcoin commentator Lindsay Stamp said, “I think a lot of retail folks find out the price of one Bitcoin is 117k and think, nahhh I missed the boat and don’t even give it a second thought.” Echoing a similar sentiment, the Bitcoin Matrix podcast host Cedric Youngelman said in an X post on Saturday, “At what Bitcoin price do you think retail wakes up?” I’ll go first. I don’t think they’re coming for a long time.”

Bitcoin onchain analyst Willy Woo said Bitcoin’s uptrend is far from over. “This run has plenty of legs left in it,” Woo said in an X post on Saturday. Meanwhile, spot Bitcoin ETFs had a strong trading week, with $2.72 billion inflows over the five days.

Despite the significant price surge, retail interest in Bitcoin appears to be notably absent. This lack of retail participation is evident as exchange inflows have fallen to decade lows, signaling low pressure from retail investors. The calm on-chain metrics further suggest that the bull market may still have room to run, with low retail activity and miner accumulation contributing to the overall stability of the market. This scenario is unusual, as typically, a surge in price would be accompanied by a corresponding increase in retail interest. However, the current environment indicates that institutional investors and whales are driving the market, with retail investors remaining largely on the sidelines.

According to analyst Crypto Patel, the momentum is still very much alive and the next leg up could be even more explosive. Patel points out that Bitcoin just completed a Juda Swing move, a smart money concept where price intentionally dips to grab liquidity before reversing in the opposite direction. This trap shakes out impatient traders and sets up a launchpad for a much bigger move. In this case, BTC pulled off that swing perfectly, dipping into the liquidity zone and tapping into the weekly Fair Value Gap. That was the final step needed before what Patel calls a range expansion and that expansion has already started.

The chart shows several key Fibonacci-based price targets for this expansion. Starting from the most conservative, the first major target sits at around $121,722. If the BTC price maintains current momentum, the next level is projected around $126,236. Patel outlines further targets at $134,983 and the most ambitious one at $140,344. This means that if Bitcoin follows the full range expansion laid out by the technical model, it could rise another 20% from here and possibly more. That would push BTC into price discovery all over again with potential short squeezes and retail FOMO kicking in as it breaks above $120,000 and heads for $130,000 or even $140,000.

As of now, Bitcoin is hovering near the $116,894 mark. This aligns closely with the 0.27 Fibonacci level at $115,937, which is acting as a resistance zone. A strong weekly close above that line could confirm the breakout and set the stage for the next target near $118,200. If Bitcoin rejects from here and pulls back, the next support level is around $112,128. But even if a short term correction happens, the broader trend according to this chart still favors upward expansion.

Crypto Patel’s analysis is based on clear chart structure, Fibonacci math, and past BTC behavior. The path from $118,000 to $140,000 may not be a straight line, but the structure is in place for it to happen. The weekly timeframe is especially significant as it tends to filter out noise and reveal the real directional bias of smart money. Whether Bitcoin hits $140,000 in this cycle will depend on how it reacts to these critical levels. But with BTC forming higher highs and respecting bullish setups like the Juda Swing and FVG retests, the odds are stacking up. In the end, Bitcoin is showing strength. And if the expansion continues the way Crypto Patel predicts, we might just see BTC rewrite the record books again with six figures starting with a 1 and a 4.