Bitcoin Surges 4.3% to New All-Time High of $113,600 on ETF Demand and Dollar Weakness

Bitcoin (BTC) continued its upward trajectory, reaching a new all-time high of over $113,600 on July 10. This move marked a two-day climb from approximately $108,950 late on July 8, surpassing the previous peak of $112,000 recorded on July 9. The recent price surge triggered over $50 million in liquidations within less than an hour, according to Coinglass data.

Spot Bitcoin exchange-traded funds (ETFs) saw significant inflows, with $218 million in net creations on July 9. This marked the fifth consecutive positive session, pushing cumulative inflows above $50 billion. BlackRock’s IBIT led the allocations, while secondary trading volume broadened across smaller issuers. This ETF demand tightened the supply of Bitcoin, contributing to its price increase.

Macroeconomic conditions also played a role in Bitcoin's price movement. The dollar index slipped for a third consecutive session after Federal Reserve minutes indicated support for rate cuts later in the year. Markets assessed the potential inflationary effects of new US tariff threats. Jag Kooner, head of derivatives at Bitfinex, suggested that tariff-driven price pressures could ultimately benefit Bitcoin if they weaken the dollar and lift real-asset hedges. The structural ETF bid was seen as cushioning risk-off shocks.

Bitcoin futures on CME and Binance traded at annualized premiums of 9% to 11%, indicating subdued directional bets. Technical markers placed first support near $107,000, the 50-day moving average, and the former June range top. Overhead resistance was around $112,800 to $113,000, where sell orders clustered during the overnight high. Transaction data indicated that short-term holders realized modest gains during the rally. Bitcoin’s July 10 high and a July 9 closing print above $111,000 left the MVRV Z-Score near 2.4, well below the euphoria threshold of 7 used in past cycles.