On July 11, 2025, Bitcoin set a new historical record, surpassing the $118,000 mark. Experts from the analytical platforms CryptoQuant and Santiment provided their assessments regarding the factors behind this growth and the future prospects of the first cryptocurrency.
This is reported by Finway
Activity of Major Players on Binance as a Growth Driver
According to CryptoQuant, a key role in Bitcoin reaching a new peak was played by the emergence of a large buyer—known as a “whale”—on the Binance exchange. Previously, the primary influence on price formation came from traders in the U.S. operating through Coinbase, but the transactions on Binance coincided with the moment of the historical high update. This may indicate increased interest from institutional investors in further accumulating the asset. Analysts noted that the synchronicity of the purchase and the breakout of the high signals a strategic shift in the balance of power in the market.
Declining Supply on Exchanges and Investor Behavior
Experts from Santiment pointed out on July 10 that Bitcoin, after surpassing $113,000, continued to show growth of over 13% from the local minimum of June 22. Meanwhile, traders were not in a hurry to return coins to the exchange. Over the past four months, more than 315,000 BTC have been withdrawn from centralized trading platforms. Compared to July 2020, the number of Bitcoins on exchanges has decreased by 1.88 million, representing a reduction of 61%.
“This trend of decreasing coin supply on exchanges indicates a reduced risk of sudden market crashes and that long-term investors increasingly prefer to store assets in their own wallets,” noted Santiment.
Previously, analysts from CryptoQuant also predicted further growth of Bitcoin amid the weakening of the dollar index, which further confirms the growing interest in cryptocurrencies from investors.