Bitcoin smashed through $123,000 early Monday morning, marking another historic milestone as the world's largest cryptocurrency continues its relentless march toward uncharted territory. The surge triggered a massive liquidation event that wiped out $728 million in leveraged positions across crypto markets in just 24 hours.
The latest price discovery phase has pushed Bitcoin's market capitalization to $2.43 trillion, officially overtaking Amazon to claim the fifth-largest asset ranking globally. With Apple sitting at roughly $3.2 trillion, Bitcoin now needs just a 30% move to challenge the tech giant's position—a target that translates to approximately $160,000 per coin.
Corporate Giants Rush to Build Bitcoin Treasuries
The institutional buying spree shows no signs of slowing. French semiconductor company Sequans just announced a $79 million Bitcoin purchase, acquiring 683 coins to expand their treasury holdings. Japanese conglomerate Metaplanet added another 797 Bitcoin worth $95 million, bringing their total stack to 16,352 coins valued at nearly $2 billion.
Meanwhile, Sharplink Gaming continued its aggressive Ethereum accumulation strategy, purchasing 16,374 ETH worth $48.85 million through Galaxy OTC trading. The move positions Sharplink as the second-largest corporate Ethereum holder behind only the Ethereum Foundation itself.
Record Short Squeeze Devastates Bearish Traders
The price explosion caught leveraged traders completely off-guard. Ethereum shorts reached all-time highs just before the market surge, with record positions worth hundreds of millions getting obliterated within hours. Notable casualties include prominent trader Qwatio, whose $334 million in short positions across Bitcoin, Ethereum, and FARTCOIN were completely liquidated in just three hours.
Liquidation data shows Bitcoin accounting for $468.23 million of the total $728 million destroyed, with Ethereum responsible for another $80.36 million. The carnage extended across major altcoins including XRP ($20.36 million), Stellar ($14.48 million), and Solana ($10.58 million).
The most bullish setup in Bitcoin history is unfolding as institutional demand, regulatory clarity, and supply constraints create perfect storm conditions for sustained price discovery.
Congress Prepares Historic Crypto Week Legislation
This week marks the first official "Crypto Week" in U.S. Congress, with the House preparing to vote on crucial Bitcoin and crypto market structure legislation. The timing couldn't be more opportune as digital asset investment products logged their second-largest weekly inflows ever at $3.7 billion, according to CoinShares data.
Bitcoin funds attracted $2.7 billion while Ethereum saw $990 million in inflows for the 12th consecutive week. The institutional appetite appears insatiable as total assets under management hit a record $211 billion.
Bitcoin Technical Breakout Targets $130,000 Next
- Bitcoin closed its highest weekly candle in history above $119,000
- The cryptocurrency has gained over 30% year-to-date, overtaking gold as 2025's best-performing major asset
- On-chain metrics show continued accumulation by long-term holders
- Exchange reserves remain near multi-year lows, indicating supply constraints
Chart patterns suggest the current breakout could target $130,000 as the next major resistance level. Historical cycle analysis indicates Bitcoin typically experiences parabolic moves lasting 6-12 months during bull market peaks, suggesting the current rally may have substantial room to run.
Central Banks and Nations Enter Bitcoin Race
The Czech National Bank's recent disclosure of an $18 million Coinbase stake signals central bank participation in the crypto ecosystem. Meanwhile, El Salvador's Bitcoin strategy has generated over $61 million in unrealized profits, validating sovereign adoption strategies.
Payment giant Klarna announced plans to integrate Bitcoin and cryptocurrency support for its 100 million users, while strategic Bitcoin reserves continue expanding with over $4 billion in commitments from 50 major entities.
As traditional markets digest the implications of Bitcoin's rapid ascent, the cryptocurrency sector appears positioned for continued institutional adoption. With regulatory frameworks solidifying and corporate treasuries diversifying into digital assets, Bitcoin's journey toward mainstream financial acceptance accelerates with each passing milestone.
