Bitcoin Hits $112K, but Something Feels Off

Bitcoin is in motion again.

The world’s largest cryptist at 3:55 the world’s largest cryptist, a symbolic stage reached $ 112.055 in Sikbase Exchange. In May, exceeding the previous height of the previous $ 11,891, it is the highest price written in Bitcoin in Bitcoin in Coinbase. With this final increase, Bitcoin has been about 20% since the beginning of the year.

Hopeful hopes between suddenly moving traders and Bitcoin’s loyalty. Prices for weeks seemed stagnant. Then, everything changed in an hour’s range.

According to the data supplier Coinglass, the rally began with the abolition of short positions of about $ 280 million. In a simple point of view: traders who bet on Bitcoin – hoping that the price will fall, they had to return their positions from an unexpected price increase. This “short squeezes”, accelerated the price jump, shed fuel.

“High Liquidity”, a chain reaction that occurred when highly used positions, a observer noted in the X.

#Btc Cancellation HeatMap (24 hours)

High goal liquidity.‖https://t.co/nu9tjmzy2 pic.twitter.com/vmtSuoleme

– Coinglass (@coinglass_com) 9 July 2025

But there is a more complicated picture behind the alarm.

Bitcoin is developing. But it is not silent

Despite the record price, Bitcoin’s trading activities remain in a strange way. Chain information shows that large amounts of Bitcoin were purchased, and most of it does not move. Instead of being actively trading, the money is transferred to the money to provide “cold storage” wallets by effectively extracting from the market.

This dynamic – strong demand, but less real movement – immediately limits the reverse for speculators. Prices can only be so high without the wave of new buyers entering the market.

The legendary short-seller Jim Chanos said, “Someone else sells”, recently known for early call against Enron. Its point? Even in a rally, somebody’s cashing.

Bitcoin once imagined as a peer payment system, now behaves more like digital gold: a long-term value store, not an exchange environment. For many investors, there is something to catch, hedging, do not spend.

This time, stablecoins win

Bitcoin, as a status of status as a speculative reserve asset, seizes the use of daily use of another crypto: stablecoins.

Stablecoins – like USDC or Tether (USDT), are cryptos involved in the value of US dollars. Unlike Bitcoin, it is not built to evaluate prices. Designed to protect a continuous value and are used in more border payments, decentralization finance (defense) and even money transfers.

In short, Stablecoins Crypto gives a real world program. Bitcoin is not really part of this story.

Correction: The previous version of this article was incorrectly reported that Bitcoin reached $ 122k. The correct figure is $ 112K.