Bitcoin is now bigger than Amazon: Here’s how it became a top-5 asset

Key Points

1. Bitcoin's price surged past $122,600 in July 2025, pushing its market cap to $2.4 trillion, surpassing Amazon's $2.3 trillion and joining the top five most valuable assets.

2. Spot Bitcoin ETFs saw record inflows, with US-listed products pulling in over $1 billion on consecutive days in July 2025, reinforcing Bitcoin's responsiveness to ETF demand.

3. Regulatory advancements like the CLARITY Act and GENIUS Act, along with a supportive macroeconomic backdrop under the Trump administration, contributed to Bitcoin's rise.

4. Bitcoin's correlation with equities like the Nasdaq and S&P 500 reached 0.87, indicating it is increasingly viewed as a technology stock with asymmetric upside.

5. Institutional adoption, including companies like Semler Scientific holding significant Bitcoin treasuries, supports Bitcoin's market cap and future growth potential.

6. Analysts predict Bitcoin could reach $167,000, challenging Apple's $3.1-trillion market cap, with bullish projections citing strong ETF demand and institutional interest.

7. Potential risks include the sustainability of ETF inflows and broader market liquidity, which could impact Bitcoin's momentum.