7/17/25 Roundup: Price Discovery, Meet Demand Shock

Last week’s Roundup described bitcoin as a coiled spring.

It was trading around $112,000 that Thursday morning. Hours later, the move began—culminating in a weekend high above $123,000. We’re now in price discovery mode, with structural bid-side support strengthening and sell pressure fading.

What’s driving the breakout? Beyond the obvious—more buyers than sellers—there are clear structural forces behind this move.

Institutional Bid Strengthens

U.S. spot bitcoin ETFs recorded their second largest single-day inflows to date last week, a clear signal that traditional capital allocators are getting into position. The vast majority of institutional flows remain on the sidelines, gated by compliance timelines, wirehouse access, and product approvals. But the pipes are being laid—and the capital is queuing.