Bitcoin bulldozed through the $112,000 barrier on July 9-10, 2025, establishing a new all-time high that left short sellers nursing roughly $340 million in liquidations and presumably reconsidering their thesis about digital asset valuations.
The cryptocurrency’s ascent from below $100,000 in late June to over $113,000 represents a 20-22% year-to-date gain, marking the first major record since May 2025. Unlike previous parabolic moves that resembled speculative frenzies, this rally unfolded with measured deliberation—gradual accumulation rather than manic buying sprees.
Corporate treasuries continued their methodical conversion of cash reserves into Bitcoin, with UK-based The Smarter Web Company expanding holdings to 1,000 BTC while various Nasdaq-listed firms followed suit. Strategy announced a purchase of an additional $530 million in bitcoin, reinforcing the trend of corporate accumulation.
Corporate treasuries are systematically converting cash reserves into Bitcoin, with institutional adoption accelerating across major firms worldwide.
BlackRock’s iShares Bitcoin Trust (IBIT) reached an all-time high of $63.58 per share, commanding over 700,000 BTC—more than 3.33% of total supply. The trust’s annual fees now exceed those of BlackRock’s S&P 500 ETF, a development that would have seemed fantastical just years ago.
El Salvador’s Bitcoin treasury swelled to over 6,200 BTC through its daily accumulation strategy, generating $400 million in unrealized gains. Meanwhile, discussions in India regarding a potential strategic national Bitcoin reserve added speculative fuel to an already bullish narrative, even as hopes for similar U.S. initiatives have dimmed.
The breakout occurred amid broader “risk-on” sentiment, with the Nasdaq Composite simultaneously hitting new highs and international trade tensions subsiding. Bitcoin’s correlation with traditional risk assets persisted, though institutional adoption appears to be creating more structural demand than previous cycles. Analysts from Hashdex Asset Management suggest Bitcoin could reach $140,000 or higher this year based on current market dynamics.
Technical resistance at $110,000—previously an insurmountable ceiling—crumbled under sustained buying pressure, with volume confirming genuine market interest rather than thin-book manipulation. The cryptocurrency briefly retreated to $111,000 after peaking, demonstrating characteristic volatility near psychological levels. Bitcoin’s extreme price movements reflect the high volatility that defines crypto assets, with potential for significant daily swings that can exceed 20%.
Market analysts project continued upside momentum, though the sustainability of such gains depends largely on whether institutional adoption accelerates or corporate treasuries begin profit-taking.
For now, the convergence of government interest, corporate accumulation, and reduced short positioning suggests Bitcoin’s rally possesses more fundamental support than speculative froth.
