Bitcoin’s breakout isn’t about the Fed, it’s about market structure: analysts

Key Points

1. Bitcoin broke its previous all-time high of $116,000, peaking at $118,872, with Ethereum and memecoins like Dogecoin and Shiba Inu also posting significant gains.

2. Analysts attribute the rally to structural flows within the crypto market, particularly spot ETF demand, with Bitcoin ETFs recording their biggest single-day inflows in 2025 at $1.18 billion.

3. Thomas Perfumo of Kraken noted Bitcoin is entering fresh territory for price discovery, supported by a robust risk-on environment in U.S. equities.

4. The market is witnessing broad gains beyond Bitcoin, with its dominance dipping to 54%, indicating a rare across-the-board rally.

5. The breakout suggests crypto's internal mechanics, such as ETF flows and corporate adoption, may now independently support valuations, potentially heralding a new market paradigm.