Bitcoin Smashes Record – Soars Past \$124K—Traders Now Eye \$135K Target

Bitcoin Smashes Record – Bitcoin price has once again taken the financial world by storm, hitting a new all-time high above \$124,000. The world’s largest cryptocurrency surged early Thursday, driven by strong institutional demand and growing expectations of a US Federal Reserve interest rate cut in September. Now, crypto traders are setting their sights on the next big milestone—\$135,000.

At 6 am Thursday, Bitcoin was trading at \$124,196, according to Binance. By 9:45 am, the Bitcoin price eased to \$120,640, still 0.8% higher over the past 24 hours, with a circulating supply of 19.91 million BTC.

Bitcoin Smashes Record – Why Bitcoin is Rising

“Bitcoin surged past \$124,000 before a slight pullback. The rally was powered by robust institutional buying and rising expectations of a September rate cut—CME FedWatch shows a 93.7% probability.

Ethereum Also Climbing

It’s not just Bitcoin enjoying the spotlight. Ethereum (ETH) surged close to its 2021 all-time high, trading between \$4,630 and \$4,750—up 8% in a single day. ETH spot ETFs attracted \$523 million in inflows, while Bitcoin ETFs saw a massive \$3.6 billion inflow over the past month.

Corporate and sovereign treasuries now hold 3.64 million BTC—about 17% of the total Bitcoin supply. Maradiya predicts prices may consolidate between \$120K and \$125K in the short term, but long-term demand and limited supply are likely to push Bitcoin prices even higher.

Whales Accumulating Bitcoin

On-chain data reveals that Bitcoin whales—large crypto holders—have been adding to their positions before this latest surge. According to the CoinSwitch Markets Desk, Bitcoin has broken past its key resistance zone of \$122K–\$123K, last seen in October 2021.

 Traders are now targeting Bitcoin at \$135,000 as the next big milestone,” the CoinSwitch team said.
Ganesh Visrjan – 2025

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