Bitcoin has surged to fresh record highs this week, trading above $123 000 and pushing further past July’s peak as momentum from institutional buying, corporate treasury adoption, US policy support, and sovereign-level gains continues to build.
The world’s largest cryptocurrency has now risen more than 31% since the start of the year and is up around 60% from April’s market lows.
A combination of unprecedented inflows into US spot Bitcoin ETFs, balance-sheet allocations from major public companies, pro-Bitcoin policies from President Donald Trump’s administration, and rising national-level profits from BTC adoption are driving the latest rally.
“We’re seeing multiple, powerful forces converging to push Bitcoin to new highs,” says Nigel Green, CEO and founder of deVere Group. “Institutional capital is pouring in through spot ETFs at record volumes. Public companies are treating Bitcoin as a strategic reserve asset. The White House is actively supporting the asset class. Nation states are already in profit on their Bitcoin positions. These aren’t isolated developments; they’re part of a deep, systemic shift in the global financial system.”
This week’s highs were accompanied by record trading volumes for US spot Bitcoin ETFs. BlackRock’s IBIT led with more than $3,7-billion traded in a single day, followed by Fidelity’s FBTC with over $500-million.
Corporate holdings have also reached historic valuations. Michael Saylor’s Bitcoin-focused firm Strategy announced that its BTC reserves are now worth $77,2-billion, an increase of more than $35-billion from its previous peak last year.
Meanwhile, El Salvador’s government revealed that it holds unrealised Bitcoin profits of more than $468-million. The country’s investment of $300,5-million is now valued at over $768-million, underscoring the potential for sovereign adoption to generate significant returns.
President Trump last week signed an executive order instructing the Labor Department to explore allowing 401(k) plans to hold cryptocurrencies and other alternative assets – a move that could dramatically increase retail exposure to Bitcoin in the US.
Green says that while price volatility is inevitable, the structural drivers for Bitcoin remain overwhelmingly positive.
“There will be periods of profit-taking,” he says. “That’s natural in any fast-moving market. But the underlying factors are strong and getting stronger.
“Institutions are committing long-term capital; corporate treasuries are diversifying into Bitcoin; and national adoption is delivering measurable returns. Also, Washington is shifting from resistance to integration.
“This is why we are currently maintaining our $150 000 target for year-end,” he adds.
Bitcoin’s capped supply remains a central feature in its upward trajectory. With a fixed issuance rate, growing demand from institutional, corporate, and sovereign buyers exerts increasing pressure on available supply.
This dynamic, combined with accelerating inflows, is creating the conditions for further sharp moves higher.
“The scarcity factor is now being amplified by unprecedented demand from entities that buy in size and hold for the long-term,” Green says. “This is strategic positioning in an asset that is becoming embedded in both private and public sector portfolios.”
He also points to the broader macro environment as a tailwind, with expectations of looser monetary policy increasing the appeal of assets perceived as stores of value.
“We’re entering a phase where policy, liquidity, and adoption are all aligned in Bitcoin’s favour,” Green says. “Even if we see pullbacks, they will likely be short-lived because every dip is being met with substantial buying from market participants with deep pockets and long-term conviction.”
With Bitcoin now within striking distance of $125 000, the market’s attention is turning to whether the next leg higher will arrive in days or weeks.
For Green, the outlook is clear. “The trajectory remains firmly higher. The blend of institutional adoption, corporate strategy, supportive US policy, and sovereign participation is unprecedented. We believe Bitcoin will continue to climb and could reach $150 000 by year-end.
“For the time being at least it seems the momentum is there, the fundamentals are there, and the buyers are there,” he says.