Bitcoin’s breathtaking July surge has rewritten the global asset leaderboard. In Monday’s Asian session the flagship cryptocurrency spiked to an all-time high of $122,600, lifting its market capitalisation to about $2.40 trillion. That figure tops Amazon’s $2.3 trillion valuation and eclipses Canada’s projected 2024 gross-domestic-product of roughly $2.21 trillion — an economic milestone few would have imagined during the last bear market.
One-Day Stats That Sealed the Record
| Metric | Latest Print (14 Jul 2025) | 7-Day Change |
| BTC price | $122,600 (intraday high) | +13 % |
| BTC market cap | $2.40 T | +$270 B |
| Amazon market cap | $2.30 T | +2 % |
| Canada nominal GDP (2024, IMF est.) | $2.21 T | n/a |
Sources: CompaniesMarketCap, IMF WEO, CoinMarketCap
ETF Buying Spree Fuels the Climb
Cointelegraph notes that spot-Bitcoin exchange-traded funds booked a seven-day streak of net inflows, pushing total holdings above 1.4 million BTC. BlackRock’s IBIT alone added over $1 billion last week, according to Farside Investors data cited in the same report. Analysts credit that wall of passive demand for absorbing sell pressure and catapulting price through several psychological ceilings on its way to $120 K.
Institutional Tailwinds
- Policy backdrop – The U.S. House begins debate this week on the GENIUS Act and other crypto-friendly bills, a legislative calendar traders have dubbed “Crypto Week.”
- Treasury adoption – More than 265 companies now hold Bitcoin on balance sheets, up from 124 in early June.
- Macro rotation – As U.S. Treasury yields drift lower, allocators have upped exposure to “digital gold,” seeing it as an equity diversifier.
Why GDP Comparisons Matter
Economists usually measure the heft of national output via GDP, and Canada ranked 10th worldwide with an estimated $2.21 trillion economy last year, Investopedia recaps. Bitcoin crossing that threshold signals its ascent from speculative curiosity to macro-sized financial instrument. Only four publicly traded companies — NVIDIA, Microsoft, Apple and Saudi Aramco — now outrank BTC, according to CompaniesMarketCap dashboards.
“Bitcoin flipping Amazon and equalling mid-tier G7 economies will not escape the notice of sovereign wealth funds,” observed Matteo Greco, research analyst at Fineqia, in a morning note.
Market Reaction and Technical Picture
- Derivative flows – Deribit’s 25-delta call-skew jumped to +7 %, indicating traders are paying a premium for upside protection.
- Funding rates – Binance perpetuals printed 0.019 % (annualised ≈ 20 %), reflecting aggressive long positioning.
- Chart setup – A symmetrical-triangle breakout at $2.78 K last week gives a measured-move target of $134,000, says Katie Stockton of Fairlead Strategies.
Immediate Hurdles
Large order-book clusters sit between $123 K and $125 K, while options open-interest data show a wall of $125 K calls expiring end-July. A failure to clear that region could trigger profit-taking back toward the breakout zone near $118 K.
Can the Rally Sustain?
| Bullish Catalyst | Bearish Overhang |
| Ongoing ETF inflows, now +$1 B in a week | Macroeconomic risk: U.S. CPI (12 Jul) & Fed decision (31 Jul) |
| Legislative “Crypto Week” in Washington | High funding rates invite long squeezes |
| Corporate treasury adoption doubling since June | Canada tariff headlines and broader risk-off moves |
Next Targets
- Apple at $3.15 T market cap – Requires BTC ≈ $142 K
- Microsoft at $3.74 T – Implies BTC ≈ $167 K
Brickken analyst Enmanuel Cardozo told Cointelegraph those levels are “not outside the realm of possibility” if ETF intake maintains its current pace.
Outlook
Bitcoin’s leap over Amazon and Canada’s economy underscores a tectonic shift: digital assets are now measured against Fortune 500 titans and sovereign output, not just other cryptos. While pockets of leverage invite volatility, the structural bid from ETFs and corporate treasuries gives this rally deeper foundations than past hype cycles. Whether BTC’s next conquest is Apple’s valuation or another nation’s GDP, one thing is clear: in 2025 the “digital gold” narrative has transcended metaphor and entered the macro record books.