Retail Traders Drive Bitcoin’s Latest Surge to $121K

Bitcoin edged closer to the $121,000 mark today, climbing 1.48% in the past 24 hours to trade at roughly $120,480, with daily trading volumes reaching nearly $88 billion. The latest rally follows an updated S-1 filing from Trump Media for a Bitcoin ETF, naming Crypto.com as custodian, and renewed market enthusiasm after BlackRock’s ETF surpassed $80 billion in assets back in July.

Institutional interest has also been evident in recent days. French-listed Capital B purchased 126 BTC for about $14.4 million, boosting its holdings to 2,201 BTC, while MicroStrategy added 155 BTC on August 11.

On-chain analytics firm Glassnode noted that Bitcoin’s volatility spread currently sits at 10.45, suggesting moderate price swings. Spot trading volume has dropped to $5.71 billion, hinting at possible consolidation. Yet ETF volumes remain strong, averaging $13.73 billion weekly, and the realised profit-to-loss ratio of 1.92 shows investors are netting nearly double in profits compared to losses.

Market signals are mixed. The spot Cumulative Volume Delta has surged 94%, futures perpetual CVD is up 88%, and ETF outflows have dropped 55% to $312 million. However, spot volumes are still down 22% week over week, indicating that broader market participation has yet to fully return.

Blockchain activity continues to strengthen, with active Bitcoin addresses climbing 8% to 793,000 and transaction fees up 10% in the past week. About 94% of all circulating BTC is currently in profit, which could tempt some holders to cash out quickly.

According to CryptoQuant analyst ShayanBTC7, market leadership has shifted. In late 2024, large whale-driven rallies dominated, but smaller retail orders now account for the majority of futures market activity. Bigger holders appear to be waiting—either for a price pullback to buy more or for a breakout to new highs.