Trading Desk Insights
Bitcoin hit a record high of $124,457 on Thursday, briefly surpassing Google parent Alphabet’s $2.45 trillion market capitalization to become the fifth-largest global asset. The surge fueled expectations that the cryptocurrency could next challenge Apple’s $3.4 trillion valuation if it climbs above $175,000. Institutional capital inflows, favorable macroeconomic conditions, and clearer regulations, including the GENIUS Act and 401(k) crypto allocations, were key drivers behind the move. Projections now range from $175,000 by August to as high as $250,000 in 2025 if the Federal Reserve shifts toward quantitative easing. The total cryptocurrency market value reached $4.1 trillion for the first time, with $126,000 viewed as the next significant breakout level after Bitcoin turned $120,000 into firm support.
Stronger-than-expected U.S. economic data this morning triggered a pullback after the rally. Core PPI and PPI both rose 0.9% month over month, far exceeding forecasts of 0.2%, while unemployment claims came in at 224,000 compared to expectations of 225,000. The higher inflation readings prompted a risk-off move, pushing Bitcoin down to $118,000 alongside weakness in broader markets.
Ethereum also experienced heightened activity as spot ETH ETFs recorded $729 million in inflows on Wednesday, the second-largest daily total on record. BlackRock’s iShares Ethereum ETF (ETHA) brought in more than $500 million, followed by Fidelity’s Ethereum Fund (FETH) with $155 million. Over the past three days, spot ETH ETFs have attracted $2.3 billion, lifting total net inflows to a record $12.1 billion. ETH traded above $4,700, just 3% from its all-time high, supported by sustained buying from ETFs and corporate treasuries.
Fundstrat described Ethereum as the “biggest macro trade” for the next decade, forecasting a potential rise to $12,000–$15,000 by year-end as Wall Street and AI-driven token economies increasingly adopt its blockchain. BitMine Immersion Technologies, the largest Ethereum treasury holder, has built a position of 1.2 million ETH worth $5.5 billion and is targeting a $20 billion raise. Record ETF inflows, growing corporate and sovereign allocations, and Ethereum’s limited supply are combining to create lasting structural demand, further cementing its status as a core treasury asset alongside Bitcoin.
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This research is for informational use only. This is not investment advice. Other than disclosures relating to Secure Digital Markets this research is based on current public information that we consider reliable, but we do not represent it is accurate or complete, and it should not be relied on as such. The information, opinions, estimates, and forecasts contained herein are as of the date hereof and are subject to change without prior notification. We seek to update our research as appropriate.
Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation. The price of crypto assets may rise or fall because of changes in the broad market or changes in a company's financial condition, sometimes rapidly or unpredictably. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Fluctuations in exchange rates could have adverse effects on the value or price of, or income derived from, certain investments. We and our affiliates, officers, directors, and employees, excluding equity and credit analysts, will from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives, if any, referred to in this research.
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