Isn’t it kinda poetic that Bitcoin broke a new all-time high on Bitcoin Pizza Day?
For the first time ever, BTC crossed $110,000, which means those two legendary pizzas would now be worth over $1.1 billion.
That’s weirdly emotional. Idk. Feels like… a full circle moment.
So what’s pushing BTC this high? A couple of big things.
First, the US signed trade deals with both China and the UK, which eased global economic tensions that had been weighing down markets (including crypto).
Trade wars cool off → risk appetite goes up → Bitcoin does its thing.
Second, institutional investments keep growing.
Since last Wednesday, Bitcoin ETFs pulled in another $2.2 billion in inflows.
More demand = more price pressure upward.
And you know what’s the best part? The rally likely isn’t done yet.
We talked about it yesterday, and CryptoQuant contributor Crypto Dan agrees.
He broke it down using a few key indicators that help gauge whether the market’s getting overheated – or if there’s still room to grow.
1/ Funding rate
That’s a fee traders pay when they use leverage in the futures market.
When it’s high, it usually means everyone is betting on prices going up (aka going long), and the market’s getting overly optimistic.
But right now, even though long positions are increasing, the funding rate is still relatively low compared to earlier bull runs = the futures market isn’t showing the kind of overheating that usually leads to a correction.
2/ Short-term transaction activity
This gives a sense of how much “fast money” is entering the market, like new traders chasing the rally.
And right now, that activity isn’t spiking the way it did during past all-time highs.
In short: momentum is building, but it’s not being flooded with impulsive traders (yet).
3/ Short-term holders aren’t panic-selling
Normally, when Bitcoin hits a new high, lots of people who bought recently try to take profits.
But this time? Not so much. Even the whales are chilling.
So yeah, while pullbacks are possible, this run still feels more like the middle than the end 🚀
