Bitcoin Soars Past $108,000—Crypto Traders Ignite Bull Run Despite Middle East Turmoil
Digital gold just got gilded. Bitcoin blasted through $108,000 today as traders treated geopolitical risks like yesterday's news—proving once again that crypto markets dance to their own volatile rhythm.
Risk-on mode: activated
While traditional markets flinch at Middle East tensions, crypto degens are buying the proverbial dip with both hands. The decoupling narrative gains steam as BTC shrugs off macro fears that'd send S&P 500 traders scrambling for hedges.
Liquidity tsunami incoming?
Whispers of institutional FOMO grow louder with each zero added to Bitcoin's price tag. Pension funds still pretending they're 'evaluating the asset class' as their consultants bill 200 hours to state the obvious.
The ultimate irony? A decentralized asset hitting record highs while Wall Street's compliance departments still can't agree if crypto is a security, commodity, or existential threat to their lunch. Tick-tock, boomers.
Trump’s NYSE crypto ETF faces decision window
Inside the New York Stock Exchange, officials are pushing forward a proposal tied to President Donald Trump’s Truth Social platform. The exchange submitted a rule change request that would allow the listing of a Bitcoin and ethereum ETF linked directly to Trump’s company.
If the Securities and Exchange Commission gives it the go-ahead, it could launch within 90 days and expand the administration’s push to bring crypto closer to Wall Street. Trump, now back in the WHITE House, has been vocal about making crypto a larger piece of the American financial system, and this ETF would mark one of the most significant steps yet.
On-chain analytics show a dramatic split in market behavior. Retail holders, wallets holding less than 1 BTC, have been selling consistently. These addresses dropped to 1.69 million BTC, a 54,500 BTC year-over-year decline, with daily outflows averaging 220 BTC.
Over the past 12 months, these wallet movements had a –0.89 correlation to price, meaning the more they sold, the higher the price climbed. At the same time, large wallets, those holding at least 1,000 BTC now control 16.57 million BTC, after adding over 507,000 BTC in a year. These wallets are absorbing around 1,460 BTC per day and show a +0.86 correlation to price, which means their activity tracks upward movement.
That imbalance is sharp. Institutions are taking in nearly seven times the amount retail holders are letting go. Combine that with the fact that only 450 BTC are mined daily after the halving, and the pressure on supply becomes obvious. But what’s different this time is that small traders haven’t jumped back in.
There’s no retail FOMO yet, no frenzy like previous bull runs. Instead, individual holders are still exiting, hinting that the current rally might not even be close to peaking.
Binance, stablecoins, and key support levels show what comes next
Over on Binance, a big MOVE happened on June 24. Net Taker Volume topped $100 million, something that hadn’t happened since June 9. It’s usually seen when overleveraged shorts get wiped or when retail traders pile in all at once. These bursts can fuel short-term buying, but they don’t guarantee lasting demand, and plus the activity also happened alongside $1.25 billion in stablecoin outflows from derivatives exchanges, the largest since mid-May.
Another number traders are watching closely is the Realized Price, also called the cost basis, of short-term holders (STH). These wallets, which hold for fewer than six months, represent over 40% of Bitcoin’s total market cap. That makes their entry points critical.
Right now, wallets in the 1 week to 1 month group are holding at $106,200, while those in the 1 to 3 month range sit at $95,000, and wallets from 3 to 6 months ago are at $93,300. When those values are weighted, the average cost basis lands at about $97,700.
That’s where things get fragile. Bitcoin’s current price is hovering NEAR $100,000, a level that matters both emotionally and technically. If the price dips below $97k, a chain reaction of panic selling could hit the market, especially from STHs who are already nervous. It’s a narrow range, and a dangerous one.
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