Bitcoin hits record high as traders expect liquidations to propel BTC above $125K

Key Points

1. Bitcoin hit a record high of $123,231 following US CPI data showing July inflation unchanged month-on-month and up 2.7% year-on-year.

2. The S&P 500 also rallied, reflecting positive market sentiment after the inflation report.

3. Bitcoin and Ether spot ETFs saw significant inflows, with BTC ETF netflows at $65.9 million and ETH ETF at $523.9 million on Tuesday.

4. Liquidation heatmap data indicates potential for further Bitcoin price increases if it breaks through the $122,500 to $124,000 range.

5. Bitcoin's market cap surpassed $2.45 trillion, while the total crypto market cap reached a record $4.15 trillion.