Bitcoin's $118K Fever Dream: A Memo to the Suits

INTERNAL MEMO
TO: Every fund manager, corporate treasurer, and pension committee still sitting on the sidelines
FROM: The Market
RE: You're being left behind (again)

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On Thursday, bitcoin ETFs logged their biggest day of inflows of 2025 at $1.18 billion. Just Thursday. One day. That's more money than most sovereign wealth funds move in a quarter, and it all poured into a digital asset that half of you still think is monopoly money.

Bitcoin has reached an all-time high, surpassing $118,000, and watching the institutional scramble unfold has been nothing short of spectacular. The same crowd that spent 2022 writing bitcoin obituaries is now breaking down the doors at BlackRock and Fidelity, desperate to get exposure before the next leg up.

Here's what actually happened this week: institutional FOMO reached critical mass. Not retail euphoria. Not some meme-driven social media frenzy. Institutional fear of missing out on the biggest wealth transfer in modern history.

Ethereum ETFs also contributed significantly, with $383 million in inflows, marking what SoSoValue called their second-biggest day ever. When even the "also-ran" crypto is pulling in near-record flows, you know something fundamental has shifted.

The corporate adoption story is accelerating too. Companies like Strategy (MSTR) and GameStop (GME) have continued to add to their bitcoin holdings, and this isn't speculative anymore. This is treasury diversification 101 in a world where your dollar-denominated assets are getting debased in real-time.

But here's the delicious irony: spot bitcoin exchange-traded fund net inflows in 2025 have totaled $14.4 billion through July 3, and we're barely halfway through the year. Remember when $1 billion was considered a big month? Those days are gone.

In March 2025, he launched a National Crypto Reserve, made up of seized digital assets like Bitcoin, Ethereum, and XRP. When the federal government is building strategic reserves of digital assets, maybe it's time to stop treating this as a fad.

The regulatory environment is shifting faster than most anticipated. House Committee on Financial Services Chairman French Hill (AR-02), House Committee on Agriculture Chairman GT Thompson (PA-15), and House Leadership announced that the week of July 14th will be "Crypto Week". Washington is rolling out the red carpet, not the regulatory guillotine.

Even the banking sector is getting with the program. This FIL clarifies that FDIC-supervised institutions may engage in permissible crypto-related activities without receiving prior FDIC approval. Translation: the regulatory barriers that kept traditional banks on the sidelines are crumbling.

For those keeping score at home, Bitcoin (BTCUSD) has gained about 15% since the start of year, outpacing the S&P 500's rise of 7%. And that's before this week's melt-up.

The math is simple: institutions are capitulating. Corporate treasuries are rotating. Nation-states are building reserves. And you? You're still waiting for "clarity" or "regulatory certainty" or whatever other excuse helps you sleep at night while your competitors front-run the biggest monetary revolution since Bretton Woods.

The train is leaving the station. For the week, bitcoin is on track for a nearly 10% gain and its best week since April 25. The question isn't whether you'll eventually buy bitcoin. The question is whether you'll buy it at $118,000 or $200,000.

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