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Bitcoin has just experienced its best week since May, posting an impressive 9.07% increase and briefly surpassing the $123,000 mark, setting a new all-time high. This progress marks a decisive break with the consolidation period that had lasted for several weeks. Renewed confidence among institutional investors has pushed the Fear & Greed Index to 72, indicating a clearly optimistic sentiment in the crypto market.
This bullish surge comes in a complex macroeconomic context, notably marked by a slight rebound in oil prices and a continued rise in gold, now above $3,300 an ounce. These elements highlight persistent concerns about inflation and geopolitical tensions, factors that have traditionally favored Bitcoin’s appeal as an alternative asset. Traditional markets remain strong, with the S&P 500 close to record highs, further reinforcing the favorable context for continued growth.
However, Bitcoin’s recent bullish move slowed on Tuesday, resulting in a decline of around 4% and briefly bringing its price below the $117,000 threshold. This pullback comes after a sharp rally, during which Bitcoin climbed from $108,000 to a historic high of nearly $122,800. At the time of writing, the price stands at $118,000. This drop is mainly due to profit-taking by investors ahead of the eagerly awaited release of June U.S. inflation data (CPI). These newly published data show a slight rebound in inflation, at an annual rate of 2.7%. This increase, however, falls within estimates. Bitcoin rose slightly on the news.
According to Nicolai Sondergaard, analyst at Nansen, a correction was to be expected after such a rapid and continuous rise. He also notes that significant liquidation levels are now found around $116,300, which constitutes an immediate psychological threshold to watch.
Bitcoin has just reached a major milestone by becoming the fifth most valuable asset in the world, with a market capitalization of over $2.4 trillion. It now surpasses giants like Amazon, Google, and even silver. Only gold, NVIDIA, Microsoft, and Apple have higher market caps. This bullish surge is fueled by several converging factors: a steady influx of institutional capital via spot Bitcoin ETFs, a more favorable macroeconomic context, and a positive political dynamic in the United States. According to Vincent Liu, Chief Investment Officer at Kronos Research, this rise is not just based on speculation, but relies on solid infrastructure and a changing regulatory climate.
The mysterious creator of Bitcoin, Satoshi Nakamoto, is now considered the 11th richest person in the world, according to an estimate based on Bitcoin’s current price. Nakamoto is said to hold around 1.096 million BTC spread across several wallets, valued at more than $131 billion when Bitcoin reached $120,000. This would theoretically place him ahead of Michael Dell in the ranking of great fortunes, even though Forbes does not include private crypto wallets in its official evaluations. To surpass Elon Musk, currently at the top with a fortune of over $404 billion, Bitcoin would have to reach a price of about $370,000 per unit, an increase of 208% over the current level. Some analysts see this as a realistic possibility: according to Eric Balchunas of Bloomberg, if Bitcoin continues to grow by 50% per year as in the past, Nakamoto could become the second richest person in the world as early as 2026.
Several optimistic predictions further reinforce this perspective. Markus Thielen estimates there is a 60% chance that Bitcoin will reach $133,000 by September. Others, such as Matt Hougan of Bitwise, envision a price of $200,000 by the end of 2025, while Arthur Hayes, co-founder of BitMEX, anticipates Bitcoin at $250,000 before the end of this year. Nakamoto remains by far the largest holder of Bitcoin. By comparison, all companies and institutional custodians collectively hold about 847,000 BTC. Among other well-known figures: the Winklevoss twins are said to own about 70,000 BTC, Tim Draper about 30,000, and Michael Saylor, co-founder of Strategy, about 17,732 in addition to his company’s holdings.
The global bond market is currently going through a period of significant stress, and this instability could benefit Bitcoin. Japan is a striking example: its 30-year bonds reached a record yield of 3.2% on July 15, resulting in an unrealized loss estimated at 45% since 2019. This situation reflects weakened confidence in sovereign debt, once considered a safe haven. With a debt-to-GDP ratio reaching 235%, the Bank of Japan is facing massive losses, worrying global markets. This crisis is not limited to Japan. In the United States, 10-year bond yields have soared by 40 to 60 basis points this year, due to high public debt and massive Treasury issuance. According to The Kobeissi Letter, global government bond market liquidity is now lower than in 2008, contributing to the soaring prices of Bitcoin and gold, seen as rare and resilient safe-haven assets. For Javier Rodriguez-Alarcón, former BlackRock executive, this rush to tangible assets shows that Bitcoin is increasingly being used as a macroeconomic hedge. He argues that the next bullish phase will largely depend on strengthened institutional interest, supported by favorable legislative, budgetary, and monetary winds.
According to Matt Hougan, Chief Investment Officer at Bitwise, the cryptocurrency industry is on the verge of entering a new era thanks to the progress of several pro-crypto bills during “Crypto Week” in Washington. Three major texts are under consideration: the GENIUS Act, which regulates stablecoins; the Clarity Act, which aims to clarify the rules of crypto market infrastructures; and the Anti-CBDC Act, which prohibits the creation of a central bank digital currency in the United States. The GENIUS Act has already been passed by the Senate and could become the first significant crypto law in the United States. Hougan believes that adopting these laws would allow major financial institutions — such as JPMorgan, Nasdaq, or Bank of New York Mellon — to fully enter the crypto space, bringing billions of dollars in investments and promoting the tokenization of traditional assets. He also thinks this would help clean up the ecosystem, limiting the abuses that led to major scandals like FTX, Luna, or Celsius. Clear rules would reduce systemic risk and strengthen the sector’s credibility with investors. Politically, Hougan points out that support for crypto is more bipartisan than it seems. The GENIUS Act, for example, was passed in the Senate with broad support, including 18 Democrats. He notes that Wall Street’s growing interest and the popularity of crypto among young voters create a favorable context for the lasting adoption of this legislation. In his view, it is increasingly unlikely that future administrations will reverse course. In conclusion, if these laws are passed, it will mark a major transition for the sector: crypto will no longer be marginal but fully integrated into the traditional financial system. According to Hougan, “the genie will be out of the bottle” — overall risk will be reduced, institutional flows will increase, and crypto, supported by a clear regulatory framework, will finally enter its maturity phase.
Coinbase shares reached a record high of $398.50 on Monday, following Bitcoin’s rise, bringing its market capitalization to over $100 billion. This surge is explained by several factors, including a more favorable political environment for the crypto industry, rising prices for digital assets, and Coinbase’s expansion efforts, notably through recent acquisitions and new products such as a credit card offering Bitcoin rewards. Analysts at Argus Research, who set a price target of $400, call the stock “promising,” believing that its profit margins, which are higher than those in the sector, and its growth potential justify its high valuation, at least in the current bull market context. They highlight annual revenue growth of 76.45% and an impressive gross margin of 85.25%. The imminent adoption of the GENIUS Act by the House of Representatives, which aims to regulate the stablecoin market, is also seen as an important catalyst for Coinbase’s growth, especially thanks to its partnership with Circle on USDC. Coinbase also continues to innovate, with projects such as Coinbase Payments, a stablecoin payment solution for e-commerce, and its recent inclusion in the S&P 500 index, replacing Discover Financial Services — a first for a crypto sector company. This inclusion should further enhance the stock’s appeal to institutional investors.
The company Strategy (formerly MicroStrategy) has resumed its Bitcoin purchases, announcing the acquisition of 4,225 BTC for a total of $472 million between July 7 and 13, at an average price of $111,827 per unit. With this operation, the company based in Tysons Corner, Virginia, now holds 601,550 BTC, a reserve valued at nearly $73 billion, making it the largest corporate Bitcoin holding in the world. Strategy’s (MSTR) share price rose 1.9% Monday morning to $442.50 per unit. Since its very first investment in Bitcoin in August 2020 — an initial outlay of $250 million — the stock has soared, posting an increase of 2,960%. Its founder, Michael Saylor, calls Bitcoin “digital gold,” considering it a better store of value than holding cash.
According to analysts at the Bernstein firm, the current crypto bull market could last until 2026, driven mainly by institutional adoption rather than retail investor speculation. Reiterating their $200,000 target for Bitcoin by late 2025 or early 2026, they point out that this phase is different from previous cycles: it relies on a more mature infrastructure, clearer regulation, and growing integration with the traditional financial system. Bernstein also expects an expansion of institutional digital asset management, beyond Bitcoin and Ethereum, with the emergence of active funds covering the largest cryptocurrencies, including Solana. Another major axis of transformation will be the tokenization of financial assets (money markets, equities, deposits, loans), which should foster the emergence of fully blockchain-operated capital markets, with instant, 24/7 settlements. Finally, stablecoins, already widely used in cross-border B2B payments, should eventually expand to everyday payments as compliance and distribution infrastructures strengthen. These dynamics will particularly benefit networks like Ethereum and Solana, while boosting transactional revenues for platforms like Coinbase and Robinhood. Bernstein concludes that this cycle goes beyond mere speculative enthusiasm: it is part of a structural and deep adoption of blockchain technology in global finance.
The presented information is as of July 15th, 2025, unless otherwise indicated and is provided for information purposes only. The information comes from sources that we believe are reliable, but not guaranteed. This statement does not provide financial, legal or tax advice. Rivemont Investments are not responsible for any errors or omissions in the information or for any loss or damage suffered.
