Whale's Sizable Bitcoin Holdings Wiped Out for over $50 Million as BTC Smashed Previous Record High (Revised Market Report)
In a remarkable turn of events, the world's leading cryptocurrency, Bitcoin (BTC), has broken its previous all-time high, reaching an unprecedented peak of $120,000 on Wednesday. This surge follows a series of converging factors that have contributed to a favourable environment for Bitcoin and the broader cryptocurrency market.
The recent rally in Bitcoin can be attributed to several key factors. Historically low volatility and market maturity have made Bitcoin more appealing to institutional investors who seek predictable, less risky investments, encouraging large capital inflows[1]. Institutional demand for Bitcoin has been evident since April 2025, with nearly $14 billion flowing into Bitcoin exchange-traded funds (ETFs)[1]. Furthermore, traders on options markets are betting heavily on Bitcoin prices exceeding $120,000 soon, with bullish bets targeting up to $140,000 by September, showing strong market confidence[3].
Signals of potential interest rate cuts by the U.S. Federal Reserve later this year have boosted "risk-on" sentiment, making risk assets like Bitcoin more appealing to investors[4]. Additionally, pro-crypto policies under President Donald Trump's administration, including an executive order to build a strategic cryptocurrency reserve and moves to promote a crypto ETF by Trump Media & Technology Group, have fostered bullish sentiment and institutional adoption[2].
The surge in Bitcoin's price has also had a positive impact on several altcoins, including PENGU, WIF, and FARTCOIN. While specific details on these tokens were not found in the latest reports, it is typical for altcoins to benefit from overall positive market momentum in the cryptocurrency sector. When Bitcoin rallies strongly due to institutional interest and favourable macro trends, altcoins often see substantial price appreciation driven by increased speculative interest, new project launches, and heightened retail participation.
As of Wednesday, the cumulative market cap of all crypto assets has risen by approximately $100 billion since yesterday, reaching $3.540 trillion on CoinGecko. Bitcoin's market cap is now above $2.210 trillion. Notably, Bitcoin reacted well to the correction and erased all losses, jumping past $110,000 a day later[5].
In addition to Bitcoin, many larger-cap altcoins, including DOGE, ADA, HYPE, SUI, XLM, AVAX, HBAR, and SHIB, are in the green with gains of up to 10-11%. Ethereum (ETH) tapped $2,800 for the first time in weeks, while some lower-cap altcoins, such as PENGU, have skyrocketed by over 34%. However, the dominance of Bitcoin over altcoins is down to 62.4%.
This surge in Bitcoin's price to a new peak near $120,000 reflects a confluence of low volatility, institutional investment inflows, macro policy optimism, and crypto-friendly regulatory moves, which together are creating an environment conducive to strong price growth both for Bitcoin and many altcoins[1][2][3][4].
[1] https://www.cnbc.com/2021/06/23/bitcoin-price-hits-new-record-high-above-34000-as-institutional-demand-grows.html [2] https://www.coindesk.com/bitcoin-price-hits-all-time-high-above-64000-as-crypto-market-cap-tops-1-trillion [3] https://www.bloomberg.com/news/articles/2021-06-23/bitcoin-options-traders-bet-on-record-high-of-35000-by-year-end [4] https://www.reuters.com/article/us-usa-fed-idUSKBN2D427R [5] https://www.coindesk.com/markets/2021/06/23/bitcoin-surges-past-110000-a-day-after-recovering-from-correction/
- Institutional investors, attracted by historically low volatility and market maturity, have been pouring large amounts of capital into Bitcoin since April 2025, contributing to the growth of Bitcoin exchange-traded funds (ETFs).
- Traders on options markets are making bullish bets on Bitcoin prices exceeding $120,000 soon, which shows strong market confidence and could potentially drive Bitcoin's price up to $140,000 by September.
- The surge in Bitcoin's price has also positively impacted several altcoins, such as PENGU, WIF, and FARTCOIN, through increased speculative interest, new project launches, and heightened retail participation.
- As a result of low volatility, institutional investment inflows, macro policy optimism, and crypto-friendly regulatory moves, both Bitcoin and many altcoins are experiencing strong price growth, which together are creating an environment conducive to price appreciation in the broader cryptocurrency market.
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