03.07.2025 19:49

Bitcoin surged past the $110,000 threshold for the first time since June 11th, a significant milestone fueled by substantial investment in the cryptocurrency market. This impressive rally followed a massive influx of over $407.78 million into US-listed Bitcoin spot ETFs on Wednesday, just ahead of the highly anticipated US jobs report.

According to data from SoSoValue, this latest investment pushed the total lifetime investment in these ETFs to a staggering $49.04 billion, underscoring the growing institutional confidence in Bitcoin. The positive momentum wasn't limited to Bitcoin; the broader cryptocurrency market experienced a lift, with prominent tokens like XRP, Ether, SOL, and ADA all experiencing gains.

Memecoins, however, stole the show. BONK and FARTCOIN, in particular, demonstrated remarkable resilience, achieving over 20% growth within a 24-hour period, a clear indicator of increasing risk tolerance among investors. This enthusiasm was reflected in the market indices, with the CoinDesk Memecoin Index rising 12.6% and the CoinDesk 20 Index, tracking the largest cryptocurrencies, climbing 4.3%.

Market sentiment remains optimistic, although traders are keenly awaiting the release of the US nonfarm payrolls data later Thursday. Alex Kuptsikevich, FxPro's chief market analyst, commented via email that the recent price surge could potentially lead to a retest of, or even surpassing, the previous all-time high of around $112,000 (reached in late May), given the current bullish market conditions. He cautioned, however, that the upcoming employment report could act as either a powerful catalyst for further growth or a significant barrier to progress. The market, therefore, remains poised for potentially dramatic shifts based on this crucial economic indicator.