Bitcoin soared past $122,000 on Monday, fueled by momentum from a bullish executive order out of Washington and three consecutive days of spot Bitcoin ETF inflows to end last week.
Henrik Andersson, chief investment officer at Apollo Crypto, said the rally was long overdue after a month of consolidation.
“In our view it was just a matter of time before it would break up. In this time we have seen positive ETF flows, more treasury companies buying Bitcoin and a number of positive developments coming out of the White House.”
Bitcoin jumped 3.3% to $122,150 in the early hours of Monday, putting it just shy of its $123,000 all-time high, according to TradingView data.
“Bitcoin has been stuck in a low-volatility range between $115,000 and $120,000 despite all the positive news,” Henrik Andersson told Cointelegraph.
While no single trigger explains the sudden two-hour surge, U.S. President Donald Trump’s executive order allowing cryptocurrency in 401(k) retirement plans is widely seen as a major boost. The move could potentially open up access to another $9 trillion in capital for Bitcoin and the wider crypto market.
Further buying pressure may be on the way. On Sunday, Michael Saylor hinted on X that his firm plans to expand its $76.8 billion Bitcoin holdings, writing: “If you don’t stop buying Bitcoin, you won’t stop making money.”
Meanwhile, Bitcoin ETF issuers snapped up a combined $773 million worth of BTC over the final three trading days last week, Farside Investors data shows.
Bitcoin Market Sentiment Still Cooling, Not Overheated
Despite the rally, the Crypto Fear & Greed Index remains in the “Greed” zone at 70 out of 100, suggesting market sentiment hasn’t yet reached overheated levels.
When the score was updated on Monday, Bitcoin was still trading below $120,000, reflecting only a one-point rise from Sunday.
Meanwhile, Google search interest in Bitcoin has seen only a modest uptick over the past week, scoring 48 out of 100 compared to its peak in the last 12 months. That peak came during Nov. 10–16, about a week after Trump’s U.S. election victory.
BTC and ETH Drive Crypto Market to Fresh Highs
Bitcoin’s climb past $122,000 helped it close the gap on Ether, which gained 1.8% over the past 24 hours compared to BTC’s 3.3% rise.
Ether has nearly tripled since April 9, surging from $1,435 to $4,315, according to TradingView data.
The rallies in both BTC and ETH pushed the total cryptocurrency market capitalization to a record $4.14 trillion on Monday, CoinGecko data shows.
