On July 11, 2025, Bitcoin (BTC) price broke through $118,000, reaching a new all-time high. According to real-time data from CoinMarketCap, Bitcoin rose 6.56% in the past 24 hours, 7.5% in a week, and has accumulated a staggering 152% gain year-to-date. Market sentiment was exceptionally hot, with investors cheering on social media: "BTC breaks $118,000, the Asian market is still surging, and those waiting for a pullback have been left behind!" However, this rapid surge caught investors waiting for a pullback off guard, with the market showing no significant correction, and FOMO sentiment quickly spreading.
Institutional Fund Frenzy: ETF Ignites Price Rocket
The primary short-term driver behind Bitcoin breaking $118,000 was the continuous inflow of institutional funds. Especially spot Bitcoin ETFs, which became the "rocket fuel" for this round of surge. According to Bloomberg, as of July 11, global Bitcoin ETF net inflows hit a new weekly high, with BlackRock's iShares Bitcoin Trust (IBIT) seeing a single-day inflow of $448 million on July 10. A market participant lamented on social media: "Institutional buying is unstoppable, IBIT's purchases directly pushed BTC to an all-time high, and retail investors can't keep up with the pace."
Institutions buying Bitcoin massively through ETFs significantly reduced circulating supply on exchanges. According to Glassnode data, on July 11, Bitcoin reserves on global mainstream crypto exchanges dropped to 1.8 million coins, a three-year low. This supply-demand imbalance directly drove prices higher. Meanwhile, the market heat generated by ETFs also triggered retail FOMO, with many spectators no longer waiting and rushing in, further boosting upward momentum. Social platforms buzzed: "ETF inflows are like a flood, BTC just can't stop!" - the resonance between institutions and retail investors was the core reason for BTC breaking $118,000.
Market Momentum and Trading Frenzy: Asian Session Becomes Upward Engine
This Bitcoin surge was built on strong market momentum. On the evening of July 10, Bitcoin broke through the key resistance level of $114,000 and further surged past $118,000 during the Asian trading session on July 11. Glassnode data shows that on-chain transaction volume surged 35% during the breakthrough, reaching the month's highest level, with unprecedented market participation. An investor analyzed on social media: "When BTC broke $114,000, trading volume exploded, signaling bulls' complete market control, making a pullback almost impossible."
The Asian trading time segment provided powerful momentum for this surge. Nighttime trading volumes on crypto platforms in Hong Kong and Singapore hit the month's new high, with Bitcoin trading volumes on platforms like Binance and OKX surging 45% on July 11 early morning. Especially between 2-4 AM Hong Kong time, the market was extremely active, with leveraged trading proportions significantly increasing. Investors commented: "Asian market buying is like madness, BTC directly breaking $118,000!" Such vigorous trading enthusiasm not only solidified the upward foundation but also further compressed pullback space.
Social media became a barometer of market sentiment, truly reflecting the investors' heated atmosphere. After Bitcoin broke $118,000, hashtags like #Bitcoin and #BTCnewhigh quickly topped trending lists, with related discussions exceeding 60 million views. An investor posted: "BTC surges to $118,000, and retail investors are still waiting for a $110,000 pullback? The bull market won't wait, get on board quickly!" Similar statements resonated strongly, prompting more investors to abandon waiting and join the chase.
Why Did People Waiting for a Pullback Miss the Pump?
Pullback Window Too Short: Institutional Buying Makes Buying the Dips a Luxury
In this bull market, Bitcoin's pullback window was extremely short, almost non-existent. For example, in late June, Bitcoin pulled back from $110,000 to $105,000 in just 48 hours before quickly rebounding. The breakthrough on July 11 had no significant drop, with prices directly rising from $116,000 to $118,000, completely missing investors waiting to buy the dips. An investor complained on social media: "Every time I wait for a pullback, the market just creates a green candle, making me feel mocked by the market."
Several key reasons were behind this: First, institutional buying's strong intervention compressed downward space. Continuous ETF and large holder accumulation meant any slight pullback was quickly absorbed by buying pressure. For instance, on July 10, it briefly dropped to $115,000 but rebounded to $116,500 in less than two hours. Second, global market liquidity increased, order book depth improved, and retail selling pressure could no longer shake prices. An investor commented: "Institutions were already ambushed at $115,000, and retail investors are waiting for $110,000? Dream on!" As a result, investors waiting for 10%-20% deep pullbacks were repeatedly disappointed and left behind by the market.
Unlike the bull markets of 2017 or 2021, Bitcoin's market in 2025 has undergone structural changes. Previously, retail-driven market fluctuations were large, with 20%-30% corrections common, but now institutions lead, changing the game. Companies like MicroStrategy continue buying, holding over 250,000 BTC as of July 11, while exchangeable BTC supply is only 1.8 million, a historical low. In such a tight supply context, buying-driven effects are stronger, and selling impacts are weakened.
An investor stated directly: "Institutions were waiting at $110,000, and retail investors are still waiting for $100,000? It's impossible to drop back!" Institutional participation not only raised the price floor but also shortened pullback time. For example, after BTC broke $112,000 on July 9, the market expected an adjustment, but institutional funds quickly pushed prices to $118,000, again causing missed opportunities. In this new structure, "waiting for a pullback" almost certainly means missing the pump.
Lessons from Missing the Pump: Bull Market Strategy Reshaping
Abandon the Obsession with "Perfect Bottom"
Bitcoin's bull markets have repeatedly proven: obsessing over a "perfect bottom" often means missing the entire move. Instead of trying to buy the dips, adopt a staged position-building strategy. For example, buy in batches at the $105,000 range, controlling risk while participating in the upward trend. Disciplined entry is more likely to enjoy bull market dividends compared to blind waiting.
Emotion Management and Trading Discipline
Online discussions reveal the psychological state of those who missed out: "Every time I wait for a pullback, prices just fly, and my mentality collapses." Many investors chase high due to FOMO or regret missing out, lacking a clear trading plan. The real lesson is: developing and strictly following a clear strategy, such as setting target price ranges or using dollar-cost averaging (DCA) to smooth entry costs.
Emotion management is equally crucial. On July 11, #Bitcoin tag discussion volume soared, FOMO spread, and many investors were led by market sentiment. Staying calm, focusing on on-chain data and market fundamentals, is key to making rational decisions in a heated market. A market observer suggested: "Don't let social media noise cloud your judgment, set a trading plan to truly make money in a bull market."
Conclusion
On July 11, 2025, Bitcoin broke through $118,000, demonstrating the tremendous power of the bull market under the combined effects of institutional funds, market momentum, supply constraints, and FOMO sentiment. Those investors waiting for a pullback collectively missed the pump due to the short window, changing market structure, and emotional trading. Social platforms accurately recorded this reality: "BTC won't wait for you, either get on board or get left behind."
The lesson of missing the pump is obvious: in a bull market, pursuing the "perfect bottom" is often counterproductive. Investors should adjust their strategies, accept staged position building, strengthen discipline, and skillfully use derivative tools to truly seize bull market opportunities.
