Bitcoin surges 24% year-to-date to record $116,664 on institutional demand

Bitcoin surged to a record high of $116,664 on Thursday, driven by accelerating institutional demand, surging ETF inflows, and renewed political tailwinds from the Trump administration. This latest rally caught traders off guard, triggering the highest wave of liquidations in years, signaling a powerful shift in momentum. As of 11:15pm ET, Bitcoin had broken past the earlier high of $113,734 set just hours prior. The world’s largest cryptocurrency is now up roughly 24% year-to-date, with analysts eyeing $130,000 as the next key level.

The latest price spike came as market structure turned decisively bullish, according to 10X Research. In a note to clients, the firm said a short-term breakout signal had been triggered, historically followed by median gains of 20%. That would imply a price target near $133,000 by September. “Our trading signals indicate that this short-term breakout carries a 60% probability of further upside over the next two months,” Markus Thielen, founder of 10X, told Cryptonews.

Behind the scenes, the landscape has been quietly shifting. Implied volatility recently hit its lowest levels in months, giving traders cheap access to upside bets. At the same time, many had been underexposed following June’s options expiry, leading to a scramble to reposition. Adding fuel to the rally, over $1.14b in leveraged positions were liquidated in the past 24 hours alone, according to data from CoinGlass. Of that, nearly $1.02b came from short traders. Bitcoin accounted for more than half of the total carnage, with $591m in liquidations. Ethereum saw $241m wiped out, while smaller tokens like Hyperliquid, Solana and XRP also saw heavy losses.

This new wave of volatility comes as Trump’s crypto-friendly policies gain traction. In March, the president signed an executive order to establish a national crypto reserve. His administration has since appointed pro-crypto voices to key positions. Meanwhile, Trump-linked businesses are deepening their involvement. Trump Media & Technology Group recently filed to launch a crypto ETF that would hold multiple tokens, including Bitcoin. With steady ETF demand, easing macro conditions and regulatory tailwinds, many traders now see this breakout as the start of a broader uptrend. “Bitcoin may be transitioning into a higher trading range,” said Thielen. “Since mid-April, Bitcoin ETFs have bought $15b worth of BTC and they are causing prices to rally.”

As crypto markets heat up once again, all eyes are on next week’s US CPI print and the start of “Crypto Week” in Washington, both of which could offer fresh catalysts, or risks, for the world’s most closely watched digital asset.