TL;DR
- Bitcoin blasted past $118,000 (peaking near $118,300) as a sudden Coinbase outage flipped from a glitch into an unexpected bullish signal.
- The rally pushed BTC over 6% higher in 24 hours, trading near $116,000, with market cap nearing $2.25 trillion, dominance above 48%, and dwindling exchange reserves.
- Institutional demand and macro tailwinds fueled the surge: spot Bitcoin ETFs saw $218 million inflows, Ethereum ETFs $211 million, and over $1 billion in shorts were liquidated.
Bitcoin surged beyond the $118,000 mark this week, creating a stir in the cryptocurrency community. The record-setting surge, which lifted the flagship token briefly above $118,300, coincided with an unexpected Coinbase outage, an event that traders are now viewing less as a glitch and more as a reliable bull-market cue.
Price Snapshot and Market Metrics
At the time of writing, Bitcoin is trading at around $116,000, increasing nearly 5% and boasting a market capitalization near $2.25 trillion and a 24-hour volume north of $60 billion. Its circulating supply sits at just under 19 million coins, underscoring persistent scarcity as institutions and retail alike pile in.
Over the past day, BTC has climbed over 6%, outperforming most major assets and pushing its dominance above 48% of the total crypto market. Meanwhile, key on-chain indicators, such as falling exchange reserves, signal that long-term holders remain firmly on board.
Outage or Rally Trigger? Coinbase Goes Dark
Early on July 10, Coinbase, one of the largest U.S. exchanges, suffered a sudden service disruption. Instead of panic, the outage ignited celebration. As order books went offline, BTC shot to a fresh intraday high of $111,999, leaving traders joking on Crypto Twitter that “Full Send is Loading.”
Coinbase’s own cryptic tweet of a lone Bitcoin logo only fanned speculation, cementing the notion that downtime now doubles as an unofficial buy signal for seasoned investors.
Institutional Inflows and Macro Tailwinds
Behind the memes, solid fundamentals drove the upswing. The U.S. Federal Open Market Committee’s minutes suggested possible rate cuts this month, which supported risk assets. On July 9, spot Bitcoin ETFs attracted $218 million in net inflows, marking the fifth consecutive day of positive flows, while Ethereum-based ETFs gained another $211 million.
With total ETF assets soaring past $50 billion, corporate treasuries and sovereign funds are treating BTC as a strategic reserve asset against inflation and policy uncertainty.
Community Frenzy and Future Outlook
From retail traders to high-net-worth whales, the mood is electric. Short-sellers have been caught off-guard, with over $1 billion of liquidations in the last 24 hours. Skeptics question whether outages are being orchestrated to stoke euphoria, but the broader community has embraced the lore.
