Bitcoin traded above $119,000 for the first time since the mid-July record, marking a 4.2 % gain within twelve hours. Exchange data showed net inflows of $425 million into U.S. spot-Bitcoin ETFs during the prior session, widening month-to-date inflows to $2.5 billion and eclipsing June totals. BlackRock’s iShares fund led with $110 million, while Fidelity and Bitwise added $94 million and $71 million, respectively. Sovereign wealth funds in Norway and the United Arab Emirates disclosed fresh allocations through these vehicles, reinforcing institutional participation. Supply factors amplified the move. Network statistics indicated that daily coin issuance has averaged 450 BTC since the April 2024 halving, compared with 900 BTC a year earlier. Glassnode reported miner inventories at a seven-year low of 1.78 million BTC, suggesting fewer coins are available for sale. The realized market capitalization, which values each coin at the price of its last on-chain movement, exceeded $1 trillion for the first time, evidencing capital rotation from dormant holders to new owners. Macro conditions added support. A preliminary U.S.–EU trade accord reduced safe-haven demand for the dollar, weakening the DXY index to 100.4 and boosting appetite for alternative stores of value. CME FedWatch placed odds of a September rate cut at 68 %, down from 74 % last week, yet the prospect of easier policy later in the year kept real yields anchored near zero, a historically positive backdrop for scarce assets. Derivatives signalled bullish conviction: BTC perpetual-futures open interest climbed 9 % to $18.7 billion, while funding rates stayed near 15 % annualised, indicating traders were willing to pay to maintain long exposure. CoinGlass showed the long-short ratio at 1.36, the highest since May. Volatility remained elevated. More than $129 million in leveraged short positions were liquidated across major venues in the past 24 hours, the biggest short wipe-out since the July 14 record high. Options markets priced a 28 % probability of BTC reaching $125,000 by month-end, according to Deribit data, up from 19 % on Friday. Some strategists urged caution, noting that the 30-day MVRV ratio reached 1.86, a level historically associated with local pullbacks. JP Morgan warned that sustained ETF demand is required to offset the post-halving decline in issuance and the likely resumption of miner selling as hashprice compresses. Nevertheless, corporate treasurers continued to accumulate. Strategy (MSTR) confirmed an additional 780 BTC purchase, raising holdings to 17,132 BTC. Japanese conglomerate Metaplanet disclosed a 210 BTC acquisition, citing yen depreciation hedging. On-chain activity mirrored optimism: active addresses rose to 1.42 million, a six-month high, while transaction fees averaged $6.12, indicating elevated usage without severe congestion. Lightning Network capacity hit 6,991 BTC, reflecting ongoing Layer-2 expansion aimed at reducing settlement friction. Taken together, heightened institutional demand, tighter post-halving supply, constructive macro signals and derivative positioning contributed to Bitcoin’s break above $119,000. Market participants now watch for confirmation above the psychological $120,000 threshold and potential tests of the July 14 all-time high at $122,700.