Bitcoin (BTC) soared past $111,000 during Asian trading, reaching a record $111,999 on Binance as Coinbase experienced unexpected service disruptions. The 2.5% daily rally amplified a historical market pattern where technical issues at major exchanges correlate with bullish momentum.
Crypto traders and social media platforms accelerated the rally, interpreting Coinbase’s downtime as a signal of surging demand. Historical data shows similar outages often precede increased trading volumes and price appreciation, fueling trader optimism for further gains.
Supporting this sentiment, Bitcoin spot ETFs recorded net inflows of $218 million on July 9 – marking the fifth consecutive day of institutional accumulation. Market participants view this sustained investment wave as reinforcing Bitcoin’s upward trajectory amid the exchange’s technical challenges.