Bitcoin Briefly Hits ATH, Trades at $117K During U.S. “Crypto Week”

BTC Hits Temporary $123K Amid ETF Inflows and Legislative Buzz

Bitcoin soared past $123,000 on July 15, marking a new all-time high before pulling back to its current level around $117,013. The rally comes amid growing institutional demand and the kickoff of the U.S. House’s “Crypto Week,” a series of legislative sessions focused on digital assets. Analysts suggest that the combination of macroeconomic momentum and political interest is creating the perfect storm for Bitcoin.

Several spot Bitcoin ETFs, including BlackRock’s IBIT and Fidelity’s FBTC, saw combined net inflows exceeding $750 million in the past week. This surge of interest from institutional players is reinforcing Bitcoin’s role as a digital store of value in uncertain economic conditions.

Bitcoin ETF Inflows Surge as Altcoins Ride the Wave

The latest ETF data shows that traditional finance is increasingly warming up to crypto. BlackRock’s iShares Bitcoin Trust (IBIT) has now surpassed $20 billion in total assets under management, while Fidelity’s FBTC and ARK Invest’s ARKB have also seen significant inflows. These instruments provide a regulated and familiar on-ramp for large institutions to access BTC without handling custody themselves.

ETF analysts suggest that the current ETF momentum is sustainable, especially as more firms seek crypto exposure amid inflation and global debt concerns. With regulatory discussions happening concurrently in Washington, the timing couldn’t be better for BTC’s momentum.

Details on “Crypto Week” Bills: What’s Being Reviewed?

The U.S. House of Representatives has designated July 14–18 as “Crypto Week,” reviewing several high-impact legislative proposals:

• GENIUS Act: Establishes a clear framework for stablecoin issuance, requiring dollar reserves.
• CLARITY Act: Classifies crypto assets as commodities or securities based on their utility.
• Anti-CBDC Act: Prohibits the Federal Reserve from launching a central bank digital currency (CBDC).

All three bills are backed by GOP lawmakers and face mixed reactions from Democrats. If passed, these laws could reshape the U.S. regulatory landscape and give investors more clarity on crypto classification and usage.

Macro Context: The Push for a Strategic Bitcoin Reserve

Alongside legislative momentum, some Republican leaders are pushing for the creation of a “Strategic Bitcoin Reserve” to secure U.S. economic sovereignty. While still in the early stages of proposal, the idea is gaining traction as a geopolitical hedge against currency manipulation and inflation.

This narrative is helping to fuel Bitcoin’s long-term value proposition, especially as developing economies seek alternatives to traditional financial systems.

Altcoins & XRP/ETH Response to BTC Momentum

Bitcoin’s recent surge has created a mixed environment for altcoins. Ethereum (ETH) is approaching the $3,000 mark amid renewed optimism over a spot ETH ETF approval. XRP has held steady near $0.63, showing resilience in the face of broader market shifts.

However, some altcoins have seen capital rotation into Bitcoin, reducing their short-term performance. Meme coins like FloppyPepe (FPPE) and Pengu are exceptions, maintaining strong community support and presale momentum during this shift.

On-Chain & Sentiment Indicators: Whales Are Re-Entering

Bitcoin remains the frontrunner in the current crypto cycle, but meme-Fi tokens like FloppyPepe (FPPE) are gaining momentum as investor interest broadens beyond blue chips. On-chain data shows a resurgence in whale activity, with addresses holding over 1,000 BTC up 4% in the past 14 days. Simultaneously, social sentiment for both Bitcoin and top meme coins has climbed to a 3-month high, pointing to a revival in retail participation.

FloppyPepe is emerging as a standout in this cycle, leveraging Ethereum-based DeFi utility, strong presale traction, and community virality. As Bitcoin’s rise sets the tone, projects like FPPE are capturing downstream capital flows, indicating that Bitcoin’s strength may serve as a catalyst for the next wave of altcoin rallies.

$140K Target or Pre-Legislative Pause?

Market analysts are split. Some believe Bitcoin could surge toward $140,000 before the end of Q3 if ETF flows remain strong and Congress passes at least one major crypto bill. Others warn of a potential pullback if the legislation stalls or macroeconomic data disappoints.

Regardless, the confluence of institutional interest, favorable legislation, and macro narratives is placing Bitcoin in a unique position. The rest of July will be pivotal in determining whether this rally is the beginning of a new cycle—or just another peak before consolidation.

Bullish Momentum and Historic Legislation

Bitcoin’s move past $123,000—followed by a retrace to $117,013—is more than a price event. It signals increased market maturity and institutional validation. As the U.S. government actively engages with crypto policy, digital assets are moving from fringe speculation to mainstream financial instruments.

“Crypto Week” could be the inflection point where regulatory clarity meets institutional appetite. If Bitcoin continues its momentum while Congress advances supportive legislation, the crypto market could be entering its most transformative phase yet. In this environment, even high-potential meme-Fi projects may benefit from stronger capital inflows and increased visibility as retail and institutional interest align.