Why is Crypto Going Up Today ?

The crypto market is on fire as Bitcoin rallies toward a new all-time high and Ethereum leads the top 10 with its strongest performance in months, fueled by massive ETF inflows $218M for BTC and $211M for ETH, highlighting strong institutional demand. A massive short squeeze wiped out over $1 billion in crypto shorts, including $570M in BTC and $207M in ETH, further accelerating the rally. XRP jumped 6% after breaking out of a descending wedge, with trading volume surging 168% amid rising institutional interest. Meanwhile, U.S. lawmakers are set to discuss crypto tax reforms as GOP-led digital asset bills gain traction.

On July 10, Bitcoin spot ETFs recorded a massive $1.17 billion in net inflows, highlighting strong institutional interest in the crypto market. Leading the charge was BlackRock’s IBIT, which brought in $448.5 million, followed by Fidelity’s FBTC with $324.3 million and ARK Invest’s ARKB with $268.7 million. Bitwise’s BITB also saw healthy inflows of $77.2 million. While smaller funds like HODL added $15.2 million, several others including BTCO, EZBC, BRRR, and BTCW reported no activity. Grayscale’s GBTC was the only major fund to see outflows, losing $40.2 million. The overall positive flow suggests continued institutional confidence as Bitcoin trades near its all-time high.

On July 11, over 37,000 Bitcoin options worth $4.3 billion are set to expire, with a Put/Call Ratio of 1.05 and a max pain point at $108,000. At the same time, 240,000 Ethereum options valued at $710 million will also expire, showing a Put/Call Ratio of 1.11 and a max pain point at $2,600. This data suggests a balanced market sentiment, with both BTC and ETH trading above their respective max pain levels, potentially pressuring short positions.

BlackRock has purchased over 108,000 ETH worth $300.9 million, showing a strong institutional belief in Ethereum. This move comes as ETH crosses $3,000 for the first time in five months, fueled by ETF inflows and investor optimism. At the same time, the Ethereum Foundation announced a major step toward full ZK adoption by launching an L1 zkEVM, aiming to boost scalability and streamline consensus within a year.

Bitcoin has broken records again, jumping over $118,000 for the first time. The price surged more than 6% in the past 24 hours, driven by strong institutional demand and spot ETF inflows. Analysts say rising adoption by companies and even some governments is fueling this rally. On-chain data shows major accumulation by big players. With momentum building, more price milestones could be ahead.

Despite no rate cuts expected in 2025 and rising trade tensions, the U.S. dollar is falling. This unusual market move comes as national debt nears $37 trillion, with a new ceiling set at $41.1 trillion. Investors are losing faith in fiat currency. Elon Musk, backing the new “America Party,” said, “Fiat is hopeless, so yes,” when asked if they support Bitcoin. His comment reflects growing public trust in crypto. Bitcoin has already surged over 100% since 2021, and with U.S. fiscal issues worsening, many see it as the future of money.