Bitcoin hits $116K amid new bull market and $3.3T bill

Bitcoin (CRYPTO:BTC) reached a new all-time high of $116,000 on July 10, six days after the signing of the $3.3 trillion Big Beautiful Bill by former President Donald Trump.

The cryptocurrency gained 6% following the bill’s enactment, with Ethereum and other altcoins also experiencing notable rallies.

The bill raised the US debt ceiling by $5 trillion and extended key tax cuts permanently, causing an immediate $410 billion increase in US debt.

Investors view the bill as inflationary, prompting a rotation from bonds into scarce assets like Bitcoin, which has a fixed supply and is seen as a hedge against fiat currency debasement.

BlackRock’s spot Bitcoin ETF (IBIT) now holds $76 billion in assets under management, tripling its value in less than 200 trading days.

For comparison, the largest gold ETF took over 15 years to reach a similar milestone.

Institutional inflows are driving Bitcoin’s price higher and integrating it further into mainstream portfolios.

The Federal Reserve reduced its balance sheet by $13 billion in June, lowering it to $6.66 trillion, the smallest since April 2020.

Over the past three years, the Fed has cut more than $2.3 trillion in assets, while Treasury holdings declined by $1.56 trillion.

With fewer buyers in the bond market and increasing debt issuance, investors are seeking alternative stores of value, with Bitcoin emerging as a top candidate.

Ethereum (CRYPTO:ETH) traded near $3,000, up 14% since the bill’s passage, alongside rallies in Solana, Avalanche, and other altcoins.

Retail and institutional capital have returned to the crypto market, with meme coins and DeFi tokens gaining momentum.

The S&P 500 hit a new all-time high this week, rising 30% since April 2025, reflecting strong investor confidence in risk assets.

Bitcoin’s rise is attributed to structural economic changes rather than hype, as inflation concerns and institutional access grow.

At the time of reporting, Bitcoin price was $115,952.