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Bitcoin Hits Record High at $109,760 Amid Improved Sentiment and Institutional Tailwinds

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Bitcoin surged to a new all-time high of $109,760.08 on Wednesday, surpassing its previous record from January and marking a major milestone in the cryptocurrency market. The leading digital asset was last trading up 1.1% at $108,117, as bullish sentiment returned following easing U.S.-China trade tensions and a weaker U.S. dollar.

The rally reflects a broader rebound in risk assets, with Bitcoin gaining more than 50% since April lows — a move supported by institutional momentum, regulatory clarity, and investor demand for dollar alternatives after Moody’s downgraded U.S. sovereign debt.

“Bitcoin enters blue sky territory… with tailwinds in the form of institutional momentum and a favorable U.S. regulatory environment,” said Antoni Trenchev, co-founder of Nexo.

Factors Driving the Rally:

  • Easing geopolitical trade tensions between the U.S. and China

  • Moody’s downgrade of U.S. credit rating, prompting investors to diversify away from the dollar

  • Weakening dollar (U.S. Dollar Index down), which typically supports BTC pricing

  • Institutional adoption, including:

    • JPMorgan reportedly allowing clients to buy Bitcoin

    • Coinbase being added to the S&P 500 Index

  • Continued correlation with tech equities; Nasdaq is up 30% since April

Bitcoin’s move comes in the fourth year of its price cycle, following the April halving, when mining rewards are cut in half — a historically bullish phase.

“A target of $150,000 in 2025 is still very much on the cards,” Trenchev added, though he cautioned about macro uncertainty and volatility ahead.

Ethereum Lags Behind

Interestingly, ether (ETH), the second-largest cryptocurrency, did not follow bitcoin’s rally. It was last down 0.5% at $2,513, reflecting a divergence that has puzzled some analysts.

Meanwhile, Coinbase (COIN.O), a key crypto trading platform, continues to attract attention after being added to the S&P 500, although it faces scrutiny from a Department of Justice probe into a recent data breach.

Outlook

With momentum returning to digital assets and regulatory headwinds easing, Bitcoin’s breakout into “blue sky” territory signals a potentially strong second half of the year. Still, investors remain wary of macro shocks and policy shifts that could inject fresh volatility into the crypto market.

‘Gamestop Effect’ Drives Eutelsat’s 650% Surge Amid Retail Traders’ Frenzy

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Shares of Franco-British satellite operator Eutelsat surged dramatically this week, with gains reaching nearly 650% over four days, as retail traders appeared to be behind the movement, reminiscent of the “Gamestop effect” seen in 2021. This sudden rally in Eutelsat’s stock follows speculation that the company could replace Elon Musk’s Starlink in providing internet access to war-torn Ukraine, reigniting investor interest in a stock that had previously hit record lows.

On Thursday, Eutelsat’s shares rose another 18%, pushing the company’s value to over €4 billion ($4.3 billion), although they eventually retreated by 11% in the face of heavy trading volumes. This followed a six-fold increase in the prior three sessions, marking a remarkable short squeeze, according to Bernstein analyst Aleksander Peterc. The move is seen as one of the most substantial short squeezes, driven by retail traders amplifying the effects of geopolitical tensions and speculations about the company’s future role in satellite communication for Ukraine.

The rally began after a public dispute between Ukrainian President Volodymyr Zelenskiy and U.S. President Donald Trump last Friday, which led to the suspension of military aid to Ukraine. The excitement around Eutelsat also gained momentum from intense discussions in French retail forums, particularly on Boursorama, and continued interest in platforms like Germany’s Tradegate. Eutelsat has become one of the most traded stocks on these platforms this week, surpassing even major defense stocks.

Stephane Ekolo, an equity strategist, pointed out that retail traders were likely behind the short squeeze, as hedge funds had shorted the stock, leading to heavy covering of positions. Despite this surge, analysts caution that the stock’s price reflects investor hope more than solid fundamentals. In January, Moody’s had downgraded Eutelsat’s rating, citing struggles with its OneWeb satellites and cash flow pressures due to significant investment needs.

Additionally, Eutelsat is reportedly in talks with the European Union about providing more internet access to Ukraine, potentially boosting its prospects further. The company is also discussing a deal with the Italian government for secure satellite communications. Despite this, Fitch downgraded the company’s long-term rating, citing its need for additional funding of $4.2 billion by 2032.