Bitcoin hits $112K ATH with traders underexposed to upside

Bitcoin reached a new all-time high of $112,052 on Wednesday, prompting a wave of reassessment from investors and traders alike.
The milestone, driven by accelerating ETF inflows and strong call option activity, marks a pivotal moment for the world’s leading cryptocurrency.
Key takeaways
- Bitcoin hits ATH of $112,052, with potential for 20% additional gains in Q3.
- 10x Research trend model turns bullish, citing ETF demand and favorable policy tailwinds.
- Call option activity surges, indicating traders are underexposed and racing to catch up.
- Ethereum also gains momentum, setting new volume records in BlackRock’s ETH ETF.
Trend models suggest further upside
According to 10x Research, Bitcoin’s upward momentum may not be over. The firm's trend model flipped bullish on June 29, and now projects a 60% probability that Bitcoin will continue climbing — potentially reaching $130,000 by September 2025.
Markus Thielen, head of research at 10x Research, noted that Bitcoin’s rally is backed by “relentless ETF demand” and an improving macroeconomic backdrop. “We remain constructive,” Thielen wrote, adding that many investors are underpositioned due to the previous month’s options expiry. This led to a “significant exposure roll-off,” amplifying the upside potential as market participants reposition.
Thielen believes the rally has legs: if current conditions hold, Bitcoin could gain another 20%, reaching approximately $130,000–$133,000 in the next two months.
Bitcoin ETF flows – $15 billion net buying since mid-April. Source: 10xResearch
Derivatives market reveals rising bullish sentiment
Much of the recent trading activity is happening in the options market, where investors are heavily buying call options — contracts that profit when prices rise. This suggests that traders are not necessarily driving the spot price upward but are instead attempting to catch up with a rally already underway. The imbalance between exposure and market movement signals a broader bullish sentiment yet to be fully priced in.
Bitcoin’s breakout past $112,000 has reignited speculation that the bull market may have further room to run.
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With institutional interest surging and trend models aligning in favor of continued gains, analysts are now eyeing $133,000 as the next milestone — though underexposed investors may risk being left behind.
We wrote earlier that Bhutan likely starts selling Bitcoins amid new ATH.