Why Bitcoin is Going Up Today? Key Drivers Behind $122K Surge

Bitcoin Price today is back in the spotlight as its price has surged to a new record high of over $122,600. While the rest of the crypto market is enjoying a positive run, Bitcoin’s rise feels different. Analysts and traders are asking one question: Can this rally continue? Fueled by record-breaking ETF demand, a falling dollar, and institutional hunger, Bitcoin may just be heading toward $200,000.

What’s Driving Bitcoin’s Surge to $122K?

Institutional Demand vs. Limited Supply

One of the biggest reasons behind this surge is the growing demand from institutions.

According to Bitwise’s July 10 report, daily ETF inflows averaged 8,200 BTC, while mining production remained at 450 BTC.

To give some perspective, only 450 new Bitcoins are mined each day, but just yesterday, spot ETFs scooped up 10,000 BTC. That’s not a typo, that’s 20X more demand than supply. This imbalance is a major factor pushing prices up fast.

How Are ETFs Impacting Bitcoin Price?

BlackRock’s Bitcoin ETF, known as IBIT, has become a major force in the market. Last week, it hit $84 billion in assets under management, a number it reached in only 200 trading days. For comparison, it took the gold ETF (GLD) over 15 years to hit similar numbers.

IBIT now holds more than 700,000 BTC, making it the largest holder by far, nearly 100,000 more than its next closest competitor.

Why Is Bitcoin Outpacing the U.S. Dollar?

While interest rates are rising and the U.S. dollar has fallen by 11% in just six months, Bitcoin has surged more than $15,000 since July began. A lot of this sudden push came right after the U.S. House approved President Trump’s “Big Beautiful Bill” on July 3rd.

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For many, this signaled that big spending was here to stay, and that made Bitcoin, which many see as digital gold, look even more attractive.

Geopolitical tensions are also playing a role. U.S. President Donald Trump has returned with a strong pro-crypto stance. Recently, Trump imposed 50% tariffs on copper and targeted Brazil with penalties.

Will Bitcoin Hit $200,000 This Year?

Some market watchers say Bitcoin has now entered what they’re calling “crisis mode.” Geoff Kendrick, head of digital asset research at Standard Chartered, said Bitcoin could reach $135,000 by the end of Q3 and possibly hit $200,000 by year-end.

However, Bitwise’s Matt Hougan also believes that if the current gap between strong demand and limited supply continues, Bitcoin’s price could climb toward the $200,000 mark by the end of the year.

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