Bitcoin Surges 10% to $112,000, Becomes Sixth-Largest Global Asset

The cryptocurrency market experienced a significant surge today, with Bitcoin reaching a new all-time high near $112,000. This surge propelled Bitcoin to become the sixth-largest global asset by market capitalization, surpassing Google. The rally was driven by strong institutional inflows, with over $1.2 billion flowing into Bitcoin ETFs, led by major players such as BlackRock and Fidelity. The total daily ETF volumes crossed $4 billion, marking a record for the year. This influx of capital, coupled with growing open interest and supportive regulatory signals, contributed to the bullish momentum.

Bitcoin's open interest reached $78.69 billion, its highest level since May 2025, indicating growing confidence from traders and institutions. Additionally, Elon Musk's recent political announcement in support of Bitcoin and easing tariff concerns expressed by the U.S. Treasury Secretary further fueled the buying momentum. Ethereum also moved higher, rising over 6% in the past 24 hours to $2,790. Increased institutional demand and overall bullish momentum, driven by the Federal Reserve’s dovish stance and the weakening of the U.S. dollar index, contributed to Ethereum's rally.

Altcoins also reflected the bullish shift in the market. Pudgy Penguins, for instance, jumped 22% as the SEC began reviewing a proposed spot ETF. Meanwhile, GMX dropped 20% after suffering a $42 million exploit, though the team has offered a 10% bounty for the stolen funds. The green trend extended to small-cap projects, with tokens like $HYPER, $CHILLHOUSE, and $KORI posting triple-digit gains. Analysts noted a shift toward speculative trading as retail interest returned, further boosting the market's upward momentum.

Despite the surge, over $518 million was liquidated across the market in the last 24 hours. This liquidation was driven by Bitcoin's dominance and rapid rise, which caught many short positions off guard. The crypto market cap reached $3.63 trillion today, supported by rising volume and renewed investor appetite. The Fear & Greed Index stood at 71, signaling “Greed,” with Bitcoin continuing to lead the way. As Bitcoin stabilizes near $112,000, analysts expect a test of $113,000 soon. Momentum indicators show upward strength, with MACD trending positively. If ETF inflows persist and volatility stays contained, crypto prices could continue climbing in the short term.