Bitcoin Surges 122% to New All-Time High, Outpacing Gold

Bitcoin's price has surged past $122,000, marking a new all-time high and outpacing gold to become the best-performing asset of 2025. This rally, which began over two weeks ago, has sparked a range of price targets from $140,000 to $200,000 among crypto enthusiasts. However, some analysts are urging caution, pointing to the potential for sharp corrections following such parabolic moves. Marcin Kazmierczak, co-founder of blockchain oracle Redstone, noted that while the technical breakout is clear, the market has not seen a correction in over 47 days, and more than $276 million in leveraged positions were liquidated in the last 24 hours alone. This volatility underscores the need for professional discipline rather than euphoria.

Options market activity on Deribit also suggests a cautious approach. One-month risk reversals, which measure the pricing differential between bullish calls and bearish puts, are flat despite the spot price trading at record highs. This indicates that traders are not rushing to take bullish speculative bets. However, September and December risk reversals show a firm bid for calls, suggesting a preference to hedge against short-term volatility while maintaining a longer-term bullish outlook.

Looking ahead, Congress's so-called Crypto Week could bring regulatory clarity, which could be beneficial for top tokens, stablecoins, and tokenization. Kazmierczak emphasized that the real opportunity lies in building the infrastructure for programmable money and asset tokenization, rather than speculative trading. Additionally, Tuesday's U.S. inflation data is expected to show a renewed uptick in inflation in June. While this may not significantly impact crypto, which is being driven by other factors, potential dollar strength could affect the market.