Bitcoin (BTC) surged above $122,000 on Monday, gaining over 3% in a single day and coming within 1% of its $123,000 all-time high. The rally follows a U.S. executive order enabling 401(k) retirement plans to invest directly in digital assets, potentially unlocking $9 trillion in capital for crypto markets. Henrik Andersson, CIO of Apollo Crypto, stated the breakout was "just a matter of time" after a month of consolidation between $115,000 and $120,000, citing sustained spot Bitcoin ETF inflows ($773 million over three days) and corporate treasury purchases.
Ethereum (ETH) simultaneously climbed above $4,300, its highest level since December 2021, driven by over $4 billion in institutional inflows and accumulation of 1+ million ETH by large investors. Analysts attribute ETH's 180% surge since April to Ethereum ETF approvals, clearer global regulations, and technical patterns suggesting targets of $6,000–$20,000 within 6–8 months. However, industry veteran Samson Mow cautioned that ETH's rapid appreciation could trigger profit-taking and rotation back into Bitcoin.
The rallies propelled the total crypto market cap to a record $4.14 trillion. Despite the gains, the Crypto Fear & Greed Index remains at 70/100 ("Greed"), and Bitcoin's Google search interest scores 48/100—below November 2024 peaks—indicating sentiment isn't overheated. Technical analysts note BTC could target $135,000 if it decisively breaches its all-time high.