Bitcoin Tops $123K; Ethereum $4.7K; Bullish IPO Up 143%
Bitcoin surged past a new all-time high of $123,000 following the US market close, driven by strong institutional demand. Ethereum also climbed above $4,700 as major funds increased positions. This rally extended to crypto-linked equities when Bullish (NYSE: BLSH) debuted on the NYSE, with its share price jumping 143%. The IPO priced at $37 per share—well above the expected $32–33 range—raised $1.11 billion and valued the exchange at $5.41 billion. Oversubscription topped 20 times. Analysts say companies are leveraging token reserves to boost equity valuations, fueling both crypto and crypto-stock rallies. Traders should monitor upcoming US Producer Price Index and unemployment data for potential volatility ahead of the Fed’s September rate decision.
Bullish
The simultaneous surge in Bitcoin breaking $123K and Ethereum hitting $4.7K, paired with Bullish’s 143% IPO jump, underscores strong bullish sentiment. Institutional inflows into major cryptocurrencies echo previous bull runs, like the post-halving rallies of 2020 and 2024. Crypto-linked stocks outperforming traditional equities further reinforce positive momentum. In the short term, traders may see heightened volatility around US PPI and employment data, but the trend remains upward ahead of the Fed’s September meeting. Long-term outlook is also bullish, as record highs and large-scale adoption continue to attract capital into digital assets.