Bitcoin (BTC) price broke through $123,231 on Coinbase on Wednesday, setting a new all-time high, while the S&P 500 index also performed strongly, rising to a historical high of 6,457 points.
As Bitcoin reached new heights, the U.S. July CPI remained steady at 2.7% year-on-year, with a month-on-month increase of 0.2%, both below market expectations.
Following the report's release, the CME FedWatch tool indicated that the market's expectations for a rate cut at the Federal Reserve's September meeting rose to 93.9%.
Senior cryptocurrency investors noted that the Fed's rate cuts and shift to accommodative policies have historically favored Bitcoin's price movements. Many also anticipate that U.S. President Trump’s economic agenda proposed in the "One Big Beautiful Bill" will boost spending, inflation, and risk appetite in financial markets.
The inflow of funds into Bitcoin and Ethereum (ETH) spot ETFs has also drawn traders' attention and enhanced the prevailing bullish sentiment in the market. Data released by Farside Investors on the X platform showed that net inflows into the BTC ETF reached $65.9 million, while the ETH spot ETF achieved a subscription amount of $523.9 million on Tuesday.
The ETH ETF recorded its first $1 billion inflow on Tuesday. Although the net inflow rate for the Bitcoin ETF has slowed, it still recorded $1.02 billion in inflows since last Friday. The cumulative effect of ETH's success has significantly boosted market sentiment for Bitcoin and other major cryptocurrencies.
Hyblock's liquidation heatmap data indicates that Bitcoin is breaking through the short liquidation accumulation zone starting from $122,500, with further passive liquidations possible at $124,000. CoinGlass data shows that if the BTC price breaks through the $122,800 to $125,500 range, approximately $2 billion in short positions will face liquidation risk.
Bitcoin's continued rise has pushed its market capitalization above $2.45 trillion, driving the total cryptocurrency market capitalization to a new high of $4.15 trillion.
Related: Fundstrat: Ethereum (ETH) will become the "best macro trading asset" in the next 10-15 years.
Original: “Bitcoin Hits Record High, Traders Expect Liquidations to Propel BTC Above $125,000”
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