|
Getting your Trinity Audio player ready...
|
Key Takeaways
- Bitcoin hit a record high of $118.8K, fueled by ETF inflows and institutional confidence.
- BlackRock and Fidelity ETFs dominated demand, with IBIT logging a $5B trading day.
- Options data shows bullish targets up to $130K, while miners show early signs of profit-taking.
Bitcoin (BTC) has skyrocketed to a new all-time high (ATH) of $118,800, driven by extraordinary inflows into U.S. spot Bitcoin ETFs. On July 10, these funds attracted $1.18 billion in daily inflows, marking the second-largest single-day inflow since ETF trading began in January 2024.
According to crypto analytics firm Ecoinometrics, the powerful ETF demand aligns with a macro environment shifting toward “full risk-on”, pushing BTC past $112K and nearly to $119K shortly after. The firm projects Bitcoin could surge even higher, citing a bullish trend in its proprietary model.
ETF flows continue to support a Bitcoin breakout.
— ecoinometrics (@ecoinometrics) July 10, 2025
As of today, our ETF flows model puts the expected price of Bitcoin at $119K, and the range of likely outcomes is still trending higher. pic.twitter.com/NuIyW07Y2i
BlackRock and Fidelity Dominate ETF Demand
BlackRock’s IBIT led Thursday’s ETF charge, securing $448.5 million in inflows—nearly half the day’s total. Fidelity’s FBTC followed closely with $324.34 million. Together, the top two funds dominated market demand, signaling growing confidence from institutional players.
ETF expert Eric Balchunas noted that BlackRock’s IBIT logged a staggering $5 billion in trading volume on July 10, up from $3.5 billion the day prior. He suggested another $1 billion in flows was likely by Friday, pushing BTC closer to the $120K threshold.
Huge volume day for $IBIT today, $5b (2x avg) after $3.5b yesterday. When IBIT sees big volume surges on up price days it portends big boy flows (as seen in chart) = good chance we see $1b in flows over next two days. It's also a hair away from $80b. pic.twitter.com/hFKvPSHVWe
— Eric Balchunas (@EricBalchunas) July 10, 2025
Options Market Bets on Bitcoin $130K
Options data from CoinGlass reveals that bullish traders are targeting strike prices at $120K, $125K, and $130K, indicating expectations of a continued uptrend. On the flip side, bearish positions, or puts, are clustered around $102K and $100K, implying a perceived support floor around those levels.
This sentiment suggests that institutional investors consider $100K a new base level, which could serve as a psychological support during any pullbacks.
Also Read: SHIB Price Jumps 6% as Bitcoin Hits New Highs
Miners Begin Profit-Taking Amid Bullish Surge
Despite the rally, on-chain signals point to a potential cooling phase. CryptoQuant flagged a spike in its Miner Position Index (MPI) to 0.6, indicating that miners have begun taking profits. If MPI crosses 2, it could trigger more aggressive miner sell-offs—historically associated with local tops, such as in May.
While this doesn’t guarantee a reversal, it highlights the importance of watching miner behavior as BTC tests new highs.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m your translator between the financial Old World and the new frontier of crypto. After a career demystifying economics and markets, I enjoy elucidating crypto – from investment risks to earth-shaking potential. Let’s explore!
