Bitcoin Nears All-Time High!

　　Bitcoin's price is approaching the record high set in mid-July. Analysts attribute this to factors including Trump's approval of U.S. pension plans investing in cryptocurrencies and reports of potential tariffs on gold bars.

　　At press time, Bitcoin surged 3.33% in 24 hours, surpassing $121,000. The second-largest token, Ethereum, rose to $4,350, hitting its highest level since December 2021, with a 78% price surge in July alone.

　　The crypto rally stems from growing institutional interest. Data compiled by Coingecko shows digital asset firms have accumulated $113 billion in Bitcoin reserves. Meanwhile, strategicethreserve.xyz reports Ethereum-linked investment vehicles have amassed roughly $13 billion in ETH reserves.

　　Rachael Lucas, a crypto analyst at BTC Markets, noted Bitcoin's rise reflects both increased institutional inflows and shifting market sentiment after U.S. tariffs on gold imports. As gold faces supply bottlenecks and policy risks, Bitcoin is gaining favor as a store of value.

　　Despite being dubbed "digital gold," Bitcoin's price trends have recently correlated closely with risk assets. Crypto-focused newsletter Ecoinometrics reported Sunday that strengthened Nasdaq-Bitcoin correlation explains the token's recent momentum.

　　U.S. stocks, meanwhile, are buoyed by optimism over potential Fed rate cuts. Markets now await Tuesday's July CPI report, with economists forecasting annualized inflation to edge up 0.1 percentage points to 2.8%. Any softer reading could bolster expectations for a September rate cut.

　　Sean McNulty, FalconX Ltd.'s APAC head of derivatives, observed heavy positioning in Bitcoin and Ethereum call options for September and December, betting on macro easing and traditional finance's crypto adoption.

　　Deribit research head Sean Dawson maintains the crypto bull run has strong momentum, with volatility data suggesting Bitcoin could hit $150,000 by year-end.

　　However, Dawson warns heightened anxiety over inflation surprises could trigger localized panic and sharp pullbacks.