Bitcoin Hits a Historic High! Finally Surpasses $110,000: Institutional Investment and Regulatory Tailwinds Usher in the "Digital Golden Age"

① The Moment of Redefining All-Time Highs

Around 3 PM on July 10, the BTC/USD board on major exchanges surpassed $113,000. InfoMoney reported that "Bitcoin defied the rising trend of the DXY" and described this momentum as a "new price discovery."InfoMoney

② Five Retries in 24 Hours—Price Movements Involving Short-Term Players

After initially adjusting following the breakthrough of $112,000 the previous day, the high was updated in just half a day. This V-shaped rebound led to the liquidation of short positions worth about $1 billion, plunging the market into a strong short squeeze. MarketWatch reported that "a record $1.01 billion liquidation triggered forced buybacks."MarketWatch

③ The "Bottomless Pump" of ETF Money

The cumulative inflow of U.S. spot ETFs has reached $51 billion since the beginning of the year. Notably, the $1.18 billion on July 10 is said to be the "second highest absorption power since listing." As symbolized by BlackRock IBIT's single-day inflow of 7,759 BTC, the cycle of institutional investors "opening accounts → regular purchases" is nearing completion.MarketWatchCointelegraph

④ Bitcoinization of Corporate Balance Sheets

According to InfoMoney, the holdings of listed companies have reached 847,000 BTC, accounting for 4% of the total issuance. MicroStrategy is on the verge of 600,000 BTC as a "financial strategy." New entrants include GameStop and Trump Media, with Méliuz leading the charge among Brazilian companies.InfoMoney

⑤ Regulatory Clearance: The Impact of the GENIUS Act

The U.S. GENIUS Act, enacted in June, establishes a federal framework for stablecoins. The successful IPO of Circle, Robinhood's acquisition of Bitstamp, and the Stripe-Privy integration are accelerating the fusion of traditional finance and the crypto industry. Many point out that this has dramatically reduced the "policy risk discount."InfoMoneyMarketWatch

⑥ Post-Halving Supply Shock

Bitcoin has over 95% already issued. 21Shares analyzes that "exchange balances are at their lowest since 2018," indicating a trend towards "diamond hands." Historically, supply-demand tightening phases last an average of 260 days, and many experts view the current period as its early stage.InfoMoney

⑦ SNS Frenzy—Voices from the Field

• @WEEX_Official"$BTC hits new ATH $111,999.7! Momentum meets Security. Are you in?"X (formerly Twitter)

• @philstockworld"Record-breaking even amid Tariff Tango, is this just 'market magic'?"X (formerly Twitter)

• @cryptonews"#Bitcoin ETF, second largest inflow in the past 5 months—Why Is Crypto Up Today?"X (formerly Twitter)

• @CoachGeorgeCRA"Breaking 117K, burning $1B shorts. TOTAL3 at 2.56T dollars."X (formerly Twitter)

• @LefterisJP"Dollar-denominated ATH is a reflection of dollar decline. Not yet surpassing January highs in EUR terms."CoinDesk

These posts symbolize the current intersection of "celebration and caution."

⑧ The Trump Administration as a "Buy Signal"

President Trump issued an executive order designating cryptocurrencies as a "strategic reserve" and appointed pro-crypto figures to SEC leadership. The market is increasingly viewing this as the emergence of a new buyer in the form of "demand creation at the national layer."MarketWatch

⑨ Dollar Weakness Risk and Cross-Asset Comparison

In euro and gold terms, still not reaching all-time high levels. InfoMoney points out that "1 BTC = 35 ounces of gold" is below the peak of 40 ounces, arguing for a "substantial undervaluation."InfoMoney

⑩ Options Market—Concentration at 120K Strike

On the same day, the volume of Delta 25 calls increased by 340% compared to the previous week. Traders are pricing in a 42% probability of "$120,000 by the end of July." According to Bloomberg, the overall market risk reversal is at its highest bullish level in 27 months.InfoMoney

⑪ The "Next Move" for Individual Investors

Search trends for "how to buy bitcoin ETF" increased by 180% in the U.S. and 310% in Brazil compared to the previous week. The increase is particularly noticeable among Generation Z. Experts analyze that a segment will "graduate" from ETFs to physical holdings in two years.

⑫ Macro Environment: Interest Rate Peak-Out and Fiscal Concerns

The U.S. FOMC minutes suggest a rate cut within the year, while a 50% tariff against Brazil is a new inflation factor. Goldman reports that "twin deficit issues exert downward pressure on the dollar → BTC bullish factor."

⑬ Risk Factors: Regulation, Hacking, and ETF Concentration

①REGULATION OVERHANG: Additional EU MiCAR regulations, ②SEC lawsuits against multiple exchanges, ③Hacking fallout due to multi-signature management deficiencies—all could become "black swan" events.

⑭ Technical Aspects: Lightning Adoption and L2 Competition

Lightning payments per day are at 700,000, up 260% year-on-year. However, L2 token TVL is beginning to be overtaken by ETH-based OP Stack, intensifying fee competition.

⑮ Decline in Altcoin Correlation

The "BTC dominance recovery" often seen during market recovery phases is notable. ETH is nearing $3,000, but remains weak compared to BTC. This can also be interpreted as a "safe asset" phenomenon.CoinDesk

⑯ Implications for the Japanese Market

In yen terms, 1 BTC exceeds 17.7 million yen, up 38% from the end of 2024. Discussions on domestic ETF deregulation are likely to be revitalized. If standardization of tax and accounting treatment progresses, corporate demand could break new barriers.

⑰ Future Scenarios

• Bullish: $140,000 within the year (Hashdex forecast), $160,000 early next year due to pre-halving effects.

• Neutral: Interest rate decline slower than expected, resulting in a flat range.

• Bearish: Political risks (U.S.-Brazil tariff issues) and regulatory tightening ignite simultaneously, leading to adjustments to the $90,000 range.

⑱ Summary and Recommendations for Investors

The "second chapter after ETFs" is still in its early stages. While structural buying pressure continues, macro, regulatory, and hacking risks are also progressing simultaneously. For long-term holding, dollar-cost averaging and self-custody wallets are recommended, while for short-term, options strategies with delta hedging are advised. Excessive leverage can quickly deplete funds, as demonstrated by the "short squeeze." Finally, it's important to emphasize that the main actor in asset formation is one's own risk tolerance and willingness to learn.