Bitcoin Breaks $117,000, Market Strongly Rises

Bitcoin broke through $117,000 this morning, continuing its strong upward momentum. Several analysts believe that before reaching $130,000, there is unlikely to be a large-scale sell-off of Bitcoin. On-chain data shows that the holding amount of Bitcoin "accumulation addresses" has reached 248,000 coins, an increase of 71% over the past 30 days, confirming the continuous inflow of funds. Some analysts predict that driven by macro factors, Bitcoin has a 60% chance of continuing to rise by 20% in the next two months, potentially reaching $133,000 in September.

On the Ethereum side, driven by a large influx of funds, the price has broken through the $3000 mark. Yesterday, the net inflow of Ethereum ETF trading volume was $383 million, setting a historical second-high record. Traders have pointed out that in the previous three instances of breaking through $2800, the price quickly rose to around $4000, and this pattern may repeat now.

The altcoin market is generally rising, with several newly launched tokens showing significant increases. Among them, the Hyperlane token HYPER surged over 455% on a certain trading platform, becoming the token with the highest trading volume in 24 hours. In addition, tokens like Banana BANANAS31 and MemeCore also experienced substantial gains.

The overall market sentiment is leaning optimistic, with the Fear and Greed Index reaching 72, in the "Greed" zone. Bitcoin and Ethereum ETFs continue to attract inflows, with yesterday's inflow amounts reaching $1.179 billion and $383 million respectively, both the second highest in history. However, in the past 24 hours, over 240,000 people have still been liquidated globally, with a total liquidation amount exceeding $1.1 billion.

In terms of policy, a certain region recently issued a declaration on the development of digital assets, clearly incorporating digital assets into the global financial center strategy and promoting measures such as the issuance of stablecoins and asset tokenization. Industry institutions are actively participating in relevant practices.

Overall, the cryptocurrency market continues its upward momentum, with Bitcoin and Ethereum leading the way. However, considering that market sentiment is somewhat heated, investors should remain cautious and pay attention to potential risks.