A surge in institutional demand has helped Bitcoin (BTC) briefly hit $116,000 today, as it continues a gradual recovery that began on September 1. Net spot BTC ETF inflows have exceeded $1.3 billion over the past two days alone, signaling heavy interest from Wall Street buyers.
Inflation numbers in the US came in as expected on September 11, with year-on-year inflation rates at 2.9%. While the Federal Reserve could still play the waiting game, the probability of a rate cut this month is currently estimated at 92.5%.
This optimism is now also spilling over into Bitcoin Hyper (HYPER), a new BTC Layer 2 (L2) project that has surpassed $15 million in its presale.
Looking ahead, there’s a growing consensus among Web3 experts that the next step in Bitcoin’s evolution is to make the network faster and cheaper for everyday users. Bitcoin Hyper aims to finally make that ambition a reality through its Solana-powered L2 solution.
Early adopters can buy the project’s native HYPER token for $0.012905 before the next presale round begins.
Time and again, Bitcoin has proven its ability to make a comeback despite near-term skepticism from market observers. Despite September being a historically sluggish month for cryptos, BTC is currently up nearly 7.5% over the past 12 days.
This impressive recovery has already stunned a bearish crypto whale, who suffered a massive hit on Hyperliquid. To stop their short positions from getting liquidated, the trader known as “wallet 0xa523” had to sell 152 ETH (worth about $679,000), and even closed some of their Bitcoin short bets at a loss.
Lookonchain also mentions that the trader is sitting on a $43.4 million loss over the past month, making them one of the top losers on Hyperliquid.
Meanwhile, Bitcoin’s perception among investors is slowly shifting to that of a safe-haven asset. Due to the increasing institutional and corporate stockpiling of BTC, it’s showing much less volatility compared to just a few years ago.
One of the clearest signals illustrating this is the decline in BTC dominance in September, despite the coin’s modest gains. Since altcoins have significantly outperformed Bitcoin over the past few weeks, BTC’s dominance remains below 59%.
This is one of the main reasons why opportunistic investors are now actively shifting their attention to altcoins to achieve the kind of exponential growth BTC offered during its early days. These players are now actively investing in Bitcoin Hyper (HYPER), a project that’s building a Layer 2 solution for Bitcoin.
Shrewd investors are viewing Bitcoin Hyper as a proxy for the world’s largest crypto, but with much higher upside potential. They’ve poured in more than $15.2 million into the HYPER token presale, with five-figure investments becoming commonplace over the last couple of weeks.
Another reason investors are bullish on the project is that Bitcoin Hyper’s L2 is designed to make BTC fully programmable for the first time.
In its current state, the Bitcoin network is slow and expensive for everyday transactions. By leveraging Solana’s Virtual Machine, Bitcoin Hyper will provide a parallel chain for processing Bitcoin transactions, effectively making them ultra-fast.
Here’s how the project’s L2 works: Users will first send their original BTC to a dedicated address connected to Bitcoin Hyper’s “canonical bridge.” Bitcoin Hyper will then issue an equivalent amount of Wrapped Bitcoin (wBTC) on its network. This wBTC can then be used for various practical purposes, such as NFTs, gaming, and meme coin trading – all driven by cheaper and faster transactions.
Market commentators are bullish on the future of HYPER, the project’s native utility token. It will be used to power all the transactions on the L2 network, provide governance votes, and even earn high staking rewards during the presale.
In his latest video, a crypto analyst from 99Bitcoins states that the HYPER token presale is raising approximately $200,000 to $300,000 per day.
Considering the pace of fundraising, he believes the HYPER token could offer up to 100x gains after its exchange listing.
Interested buyers can visit Bitcoin Hyper’s presale website to buy HYPER for a discounted price. They can then immediately stake the tokens for a high annual reward of up to 73%.
