At around 2:00 PM Taiwan time on the 11th, Bitcoin (BTC) surged to a new historical high of $118,400 on the Binance spot market, exciting the crypto community. This breakthrough indicates synchronized inflows from institutional and retail investors, further consolidating Bitcoin's financial position.
Since the beginning of this year, Bitcoin's price has risen by over 20%, benefiting from institutional fund expansion, policy clarity, and increased market risk appetite. Especially with the recently introduced crypto-friendly policies in the US, many companies have incorporated Bitcoin into their financial report assets, known as the "Bitcoin reserve" strategy, such as Strategy and 21 Capital.
Market analysts believe this surge is driven by three main factors:
Institutional funds accelerating entry: After entering the second quarter, many large funds and retirement plans announced additional Bitcoin allocations, with impressive fund sizes. Additionally, continuous ETF inflows have pushed the spot Bitcoin ETF managed assets to over $100 billion, steadily boosting demand.
Strong bullish US policy signals: Since the Trump administration proposed establishing a "strategic Bitcoin reserve", discussions about formally incorporating Bitcoin into national asset allocation have continued, with policy trends clearly favoring the crypto industry.
Technical breakthrough triggering short-term hunting: Trading communities noted that when prices broke through technical resistance levels at 113K, 115K, and 116K, trading volume simultaneously expanded, and with bullish support and psychological expectations, it quickly broke through the $118,000 integer mark.
Market sources revealed that around 2:00 PM, major global trading platforms like Coinbase, Binance, and Kraken experienced second-level competitive trading, with buy orders concentrated in the 117,500-118,200 range, many exceeding thousands of Bitcoins, causing an instant price surge.
It's worth noting that despite Bitcoin reaching a new high, profit-taking risks should still be considered. Sudden global stock market reversals or major macro negative factors, such as upcoming US CPI data or unexpected corporate financial report seasons, could potentially suppress the market.
