Bitcoin shattered yet another psychological barrier on July 13, 2025, vaulting past $119,000 to reach an unprecedented high of $119,444 on the Bitstamp exchange—a milestone that would have seemed fantastical just years ago when the cryptocurrency was dismissed as digital fool’s gold.
The price surge extended into July 14, touching approximately $119,820 per coin, cementing what market observers are calling an “unstoppable” seven-week bull run that has rewritten conventional wisdom about cryptocurrency valuation.
This remarkable ascent appears driven by a confluence of institutional demand and structural scarcity rather than retail speculation. Corporate treasury purchases reportedly exceeded $554 million within a single week, while institutional investors acquired 10,000 Bitcoins in a single day through ETF mechanisms—a demonstration of Bitcoin‘s evolution from speculative asset to perceived store of value amid macroeconomic uncertainty.
Perhaps more telling than the price itself is what’s happening behind the scenes. Bitcoin held on exchanges has plummeted to a 10-year low of just 1.25% of total supply, creating a supply-demand imbalance that fundamentally supports upward price pressure.
The real story lies beneath Bitcoin’s surface: exchange reserves hit decade lows, creating fundamental scarcity that drives sustainable price momentum.
With only 1.11 million BTC remaining to be mined from the fixed cap of 21 million, the scarcity narrative has shifted from theoretical construct to market reality.
Spot Bitcoin ETFs recorded weekly inflows of approximately $1.18 billion, with US-based funds posting solid monthly returns of 2.9%. Vietnam and Israel ETFs led gains at 14.26% and 11.98% respectively, demonstrating global appetite for Bitcoin exposure through traditional finance channels.
Paradoxically, the 24-hour trading volume declined 22.4% to $43.56 billion—a counterintuitive phenomenon suggesting this rally is driven by accumulation rather than speculation. When prices surge while trading volumes contract, it typically indicates long-term holders are entering the market rather than day traders chasing momentum.
Google Trends data reveals relatively low public interest compared to past peaks, scoring just 24/100 over five years, which suggests this bull run is occurring beneath mainstream radar. Meanwhile, Emirates Airlines and Crypto.com are pioneering cryptocurrency payment solutions in Dubai, signaling broader institutional adoption beyond investment vehicles.
The combination of institutional demand, structural scarcity, and reduced speculative activity creates an unusual market dynamic where Bitcoin’s ascent appears more sustainable than previous euphoric episodes. Bitcoin’s market capitalization continues to demonstrate the stability and trust that comes with higher valuations, as institutions increasingly recognize the asset’s proven track record. Technical indicators including the hourly MACD and RSI continue to show bullish momentum, reinforcing the upward trajectory despite the extraordinary price levels.
