Bitcoin broke to $126,223 on Monday night, marking another record as a U.S. shutdown, softer dollar, and surging ETF inflows converged to tighten supply and extend the rally. Prices hold near $125,200 into Europe hours, building on a 15% weekly gain that has pulled majors higher across the board.

The move wasn’t a leverage-led spike. Weekly spot ETF inflows crossed $3.2 billion, the highest since November 2024 and second-largest on record, pushing total allocations since January to more than $60 billion.

Exchange balances have fallen to a six-year low of 2.83 million BTC, with 170,000 withdrawn in the past month, signaling coins moving off exchanges and into longer-term storage. It’s that combination of steady ETF buying and shrinking supply that seemingly underpins this move.

A U.S. go

See Full Page