Bitcoin Surges Past $120,000, Sets New All-Time High

Bitcoin continued its remarkable rally on Monday, soaring past the $120,000 mark and reaching a new all-time high.

According to Coin Metrics, the world’s largest cryptocurrency by market capitalization peaked at $122,600 at 1:27 p.m. Singapore time, reflecting a surge driven largely by record-breaking inflows into Bitcoin exchange-traded funds (ETFs).

The latest leg of Bitcoin’s rally comes on the heels of unprecedented demand for Bitcoin ETFs. Last Thursday, these funds recorded their largest single-day inflow of 2025, attracting $1.18 billion in new investments.

This surge in institutional interest has been a key catalyst in pushing Bitcoin to new heights, with ETF inflows signaling growing confidence among major market players.

Jeff Mei, Chief Operating Officer at cryptocurrency exchange BTSE, noted that the recent price momentum is being propelled by longer-term institutional investors.

“We believe that Bitcoin’s surge is driven by longer-term institutional buyers and this will propel it to $125k in the next month or two.”

He also acknowledged potential headwinds from ongoing trade disputes involving the U.S. and major partners like the EU and Mexico, but suggested that institutional buyers are likely to look past these short-term risks, maintaining their bullish outlook on Bitcoin’s long-term appreciation.

Crypto Week: Regulatory Clarity on the Horizon

Investor optimism has also been buoyed by expectations of regulatory progress in the United States. The U.S. House of Representatives is set to begin deliberations on a series of crypto-focused bills this week, an event industry insiders are calling “Crypto Week.”

Among the most anticipated pieces of legislation is the Genius Act, which could establish comprehensive federal guidelines for U.S. dollar-pegged stablecoins and pave the way for private companies to issue digital dollars.

The other two bills that will be discussed during the Crypto week is the Anti-CBDC Surveillance State Act and the CLARITY Act.

This push for clearer regulation has been championed by President Donald Trump, who has positioned himself as a pro-crypto leader and is actively involved in several digital asset ventures.

The industry has long awaited these reforms, which are expected to provide much-needed clarity and foster further institutional participation.

Market Dynamics and Year-End Outlook

Xu Han, director of the Liquid Fund at HashKey Capital, highlighted the impact of long-term holders locking up Bitcoin supply, combined with the positive momentum from global policy developments.

“Long-term holders are locking up supply, while global policy clarity — especially around stablecoins and crypto legislation — has boosted investor confidence and capital inflows.”

Markus Thielen, CEO of 10x Research, pointed out that corporate and institutional investors have poured $15 billion into Bitcoin ETFs over the past six to eight weeks, while retail investors have largely remained on the sidelines.

Thielen also expressed hope that the U.S. might eventually establish a sovereign wealth fund to invest in digital currencies, a move that could further support the market.

Looking ahead, 10x Research has set a year-end price target for Bitcoin in the range of $140,000 to $160,000. However, Thielen cautioned that the biggest risk to this outlook remains the U.S. Federal Reserve’s hawkish monetary policy and the possibility of further interest rate hikes, especially in response to new tariffs.