Bitcoin (BTC) broke above the $80,000 mark on July 23, reaching a high of $80,938 per CoinMarketCap — the highest level since January. The breakout ended weeks of sideways trading between $75,000 and $79,000 and was fueled by two major drivers: robust spot ETF inflows and a massive short squeeze.
According to CoinDesk, U.S. spot Bitcoin ETFs recorded net inflows of $2.44 billion in April, the strongest monthly figure since October 2025. BlackRock's IBIT alone absorbed $335 million on May 4. European crypto ETPs crossed $1.1 billion in assets under management. The continuous ETF buying, coupled with declining exchange float, has been described by analysts as a classic supply squeeze in formation.
The move also wiped out over $301 million in short positions, as noted by CoinDesk, clearing bearish bets and opening the path higher. Trend followers re-entered after Bitcoin reclaimed key moving averages, and risk-on flows returned.
MicroStrategy vs BlackRock: 815,061 BTC vs 806,700 BTC
On the holdings front, MicroStrategy (now renamed Strategy) continued building its position, reaching 815,061 BTC, surpassing BlackRock's IBIT which holds 806,700 BTC per CoinDesk. The narrowing gap highlights differing institutional strategies toward Bitcoin allocation.
Pepeto Nears Binance Listing as Presale Raises $9.89M
The rally also lifted altcoin sentiment. New project Pepeto has raised over $9.89 million in its presale, with a token price of $0.0000001868. The project features an AI screener for contract review, a zero-fee decentralized exchange (PepetoSwap) on Ethereum, BNB Chain, and Solana, and a cross-chain bridge connecting the three networks. Smart contracts have been audited by SolidProof. The team includes a former Shiba Inu co-founder (who helped take that meme coin to an $11 billion market cap) and a former Binance listing specialist. Staking offers 175% APY compounded daily. A Binance listing is reportedly imminent.
Whether Bitcoin can hold above $80,000 will determine if the breakout is genuine. A push toward $85,000 could extend gains, while a fall back below would invalidate the signal. For pre-listing projects like Pepeto, price action often decouples from the broader market once the token debuts.