Hello HODLers!
The summer heat isn’t slowing Bitcoin down.
This Monday opened with fireworks as BTC broke the $120,000 barrier overnight, surging to $122,000 and getting within striking distance of its all-time highs. With trading volumes heating up and very few shorts in the market, Bitcoin is making August look anything but boring.
A Rally With No Resistance
Unlike the aggressive bull runs we saw earlier this year, this move had low liquidation pressure — only around $300M liquidated across all crypto markets, with less than $100M coming from BTC trades.
That means most speculative positions were closed in advance, suggesting that current liquidity is tight and that buyers are in control for now.
Bitcoin Reclaims Its Place Among Global Giants
With this rally, Bitcoin has reclaimed 6th place among the world’s largest assets by market cap, overtaking Amazon and sitting just $20B shy of Alphabet (Google).
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BTC market cap: $2.42 trillion
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Google market cap: $2.44 trillion
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Apple: still leading with a massive $3.4 trillion
If momentum continues, the top 5 spot could be within reach — and that would send an even louder message to traditional finance.
Ethereum Joins the Party
It’s not just Bitcoin that’s on a tear. Ethereum (ETH) just closed its strongest weekly candle since November 2021, posting a +21.5% gain in seven days and soaring to $4,300.
ETH’s surge is helping to lift the altcoin market, which has been in a holding pattern for weeks. While the gains outside BTC and ETH remain modest, bullish sentiment is spreading across the board.
What’s Driving the Pump?
According to Min Jung, analyst at Presto Research:
“A large part of the current buying pressure appears to be driven by corporate crypto treasuries, suggesting they’ll continue to play a key role in price action. However, with CPI and PPI releases this week, investors should remain cautious — macro developments could still sway the market.”
Key upcoming data:
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CPI: Tuesday, Aug 12 — 14:30 UTC
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PPI: Thursday, Aug 14 — 14:30 UTC
With low liquidity and rate-cut speculation ahead of the next FOMC meeting (Aug 30), volatility could explode.
Why This Week Could Be Wild
Bitcoin’s August performance is already rewriting the script — the “summer slump” narrative is out the window. But the real test will come if macro data aligns with bullish sentiment.
If inflation data comes in softer than expected, a fresh all-time high could be just days away. If not, traders should brace for some sharp pullbacks.
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