Bitcoin's market capitalization has surpassed the $2.4 trillion mark, surpassing e-commerce giant Amazon.

The price of Bitcoin is surging, easily breaking through previous historical highs, soaring above $122,000. This round of big pump has propelled Bitcoin into the ranks of the highest market capitalization assets globally. Currently, its total market capitalization has surpassed $2.4 trillion, exceeding that of e-commerce giant Amazon.

Analyst: "Banana Zone" parabolic bull market has been confirmed

Analysts from the London Crypto Club pointed out that this round of rise marks Bitcoin's formal entry into the "banana zone." This term refers to a parabolic bull market phase driven by strong market demand, ample liquidity, and a sudden price explosion. The institution wrote in a blog published on Monday: "We have finally broken through the key resistance range of $110,000 to $112,000 with extremely strong demand momentum."

Core Drivers of Rise: ETF, Corporate Coin Purchases, and Interest Rate Cut Expectations

The core driving forces behind this breakthrough include:

• Spot Bitcoin Exchange Traded Fund ( Spot Bitcoin ETF ) continues to see funds flowing in.
• The buying frenzy of corporate financial reserves.
• The market's expectations for the Federal Reserve's interest rate cut this year are heating up.

Derivatives Market: Bullish Bets Surge, Targeting $140,000

Meanwhile, cryptocurrency derivatives traders are making big bets on Bitcoin continuing to rise. Traders have invested nearly $900 million in purchasing options contracts, targeting a bet that the price of Bitcoin will reach at least $140,000 by September 2025 (an increase of about 15% from the current level).

Capital inflow: Spot Bitcoin ETF attracts strong capital

The recent rise of Bitcoin closely followed the second largest weekly capital inflow in history recorded by the spot Bitcoin ETF. According to SoSoValue data, the net inflow of funds into the top 11 Bitcoin ETFs last week exceeded 2.7 billion USD. Nate Geraci, president of The ETF Store, pointed out that since its launch in early 2024, this type of ETF has recorded 7 instances of single-day capital inflows exceeding 1 billion USD, of which two occurred last Thursday and Friday.

Market Reaction: Bears Suffer Heavy Losses, Single-Day Liquidations Exceed $600 Million

However, not everyone is celebrating this round of rise. In the past 24 hours, short positions (bearish bets) in the cryptocurrency market have faced a large-scale liquidation, totaling over $600 million, indicating that the market bullish sentiment is absolutely dominant.