Bitcoin Marks a New All-Time High of $111,861 on Bitcoin Pizza Day

Bitcoin marked a new all-time high of $111,861 on Bitcoin Pizza Day, but beyond the headline, data suggests this rally is still gaining steam — not cooling off.

Bitcoin hit a new all-time high of $111,861 on Bitcoin Pizza Day, but beyond the headline, data suggests this rally is still gaining steam — not cooling off.

Trading volume has nearly doubled in recent days, but market indicators remain steady. Funding rates, which typically spike during overheated conditions, are relatively low. This suggests eBitcoin hit a new all-time high of $111,861 on Bitcoin Pizza Day, but beyond the headline, data suggests this rally is still gaining steam — not cooling off.

Trading volume has nearly doubled in recent days, but market indicators remain steady. Funding rates, which typically spike during overheated conditions, are relatively low. This suggests emerging from overheated conditions and capital is entering the market in a disciplined manner.

Short-term capital flow — a measure of speculative trading — remains low despite the price surge. This indicates that the current momentum isn’t driven by traders rapidly chasing profits and pivoting their positions quickly.

Meanwhile, large holders are showing patience, with profit-taking significantly lower than in previous rallies.

SEE ALSO: Bitcoin’s Climb Above $100K Looks Different This Time — Here’s Why

Institutional interest continues to climb as well. Spot Bitcoin ETFs have reached record-high holdings, underscoring a shift in how major investors view BTC—as a long-term asset rather than a speculative play. This sustained demand from institutions adds structural support to the price and lessens the likelihood of a rapid correction.

With technicals remaining stable, investor behavior calm, and new capital entering the market, Bitcoin may still be in the early stages of a larger breakout. The interplay of disciplined positioning and increasing demand could propel BTC to new highs in the coming weeks.