BTC Tops $124K ATH, Briefly Overtakes Google By Market Cap

Bitcoin surged past $124k, setting a new all-time high (ATH) and briefly overtaking Google’s $2.488 trillion market capitalization to become the world’s fifth-most valuable asset.

BTC hit a record high of $124,457.12 in the past 24 hours before pulling back to trade at $121,692 as of 12:28 a.m. EST. The crypto king is up more 1.3% in the past day and 5.8% in the past last week amid buoyant market sentiment.

Investors are betting that lower-than-expected US CPI inflation this week and pressure from President Donald Trump will bring interest rates cuts next month. Trump today called for a one basis point cut, while Treasury Secretary Scott Bessent yesterday urged a 50 basis point cut.

The surge also saw Strategy’s BTC holdings close at a new ATH of $77.2 billion, said executive chair, Michael Saylor, in a post on X.

And according to blockchain analytics firm Arkham Intelligence, the value of Bitcoin held by Elon Musk’s SpaceX also has surpassed $1 billion. The company holds 8,285 Bitcoin.

Polymarket Bettors Target $130K-$200K 

Bitcoin’s ascent may not be over yet, according to bettors on the decentralized platform, Polymarket. 

Over the past 24 hours, a contract asking what price Bitcoin will hit saw the odds of $130K to $200K increase. Bets that BTC will surge to $130K before the year is over surged 8%, pushing the odds to 84%.

The next biggest increase was odds around the $140K target being reached. Bettors upped the chances by 6% to 63%. 

Odds for what price Bitcoin will hit in 2025 (Source: Polymarket)

Meanwhile, odds of $150K, $170K and $200K being reached before the end of the year climbed 4%, 5%, and 1%, respectively. The $150K target has the highest odds of the three, with bettors seeing a 47% chance that BTC could hit this price point. 

Analysts also maintain a bullish outlook for BTC, including pseudonymous trader and analyst Rekt Capital, who told his over 556.4K X followers at the start of the week that Bitcoin convincingly breaking above $126K could lead to a parabolic rally. 

In that case, he believes the chances are that the BTC price “will go a lot higher and quickly.” 

Mow Says Bitcoin And Altcoins Will Battle It Out After BTC’s All-Time High

Following Bitcoin’s new ATH, Bitcoin pioneer and JAN3 CEO Samson Mow, who has more than 352k followers on X, said there are now two possible future paths.

In the first one, he said “We Godzilla or Omega up, suck all the oxygen out of the room, and alts drop 30-40%.” The alternative is “Alt mania peaks, triggering a massive selloff as the Bagholder’s Dilemma loses equilibrium, BTC goes down briefly then up again, as alts tank,” he added.

Two possible paths for #Bitcoin now.

1⃣ We Godzilla or Omega up, suck all the oxygen out of the room, and alts drop 30-40%.

2⃣ Alt mania peaks, triggering a massive selloff as the Bagholder’s Dilemma loses equilibrium, BTC goes down briefly then up again, as alts tank.

— Samson Mow (@Excellion) August 14, 2025

Mow, known for his work on El Salvador’s Bitcoin strategy and promoting Bitcoin adoption by nations, predicted in an earlier post today that “there will be more Bitcoin ATHs,” but warned that a pullback is likely because altcoins are currently “running too hot right now.” 

“Once the altcoin mania passes, Bitcoin will take off,” he said. “This is just how it’s always been.”

Over the last month, the total capitalization for altcoins soared more than 16%, data from TradingView shows. The ETH/BTC ratio also soared over 20% during the same period, which suggests ETH is strengthening against the leading crypto. 

Monthly chart for ETH/BTC (Source: TradingView)

Mow commented on the surging ETH/BTC ratio as well, saying that early Bitcoin investors are just using the treasury narrative around ETH to pump its price higher. “Once they’ve gotten it high enough, they’ll dump their ETH” and rotate the gains back into BTC, he said. 

Bitcoin ETFs Continue Inflow Streak, But Lag Behind Ethereum Funds

While Mow forecasts a potential rotation from ETH to BTC, US spot Ethereum ETFs (exchange-trade funds) continue to outperform their Bitcoin counterparts.

The BTC funds were able to extend their positive flow streak to 6 days after $86.9 million entered the ETFs’ reserves yesterday. BlackRock’s ETF recorded no new flows for the day, which is a change in the product’s dominant trend seen in recent weeks. 

Instead, investors poured capital into Fidelity’s FBTC, Bitwise’s BITB, ARK Invest’s ARKB, Invesco’s BTCO and Grayscale’s BTC.

Over the past week, the Bitcoin ETFs have recorded more than $1.103 billion inflows, according to Farside Investor data. 

Institutional investors, however, seemed to have preferred spot Ethereum ETFs over the BTC funds. In just the last 3 days, inflows for the ETH products topped $2.2 billion. Yesterday, BlackRock’s fund pulled in more than $500 million on its own as well.

That’s after the US ETH ETFs started the week off on a strong note, and recorded net daily inflows above $1 billion. Following yesterday’s inflows, the ETH products are also on a 7-day streak.

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