Bitcoin Pushes Back Toward Record Highs, ETH Breaks $4,000 Barrier

Bitcoin has made another run toward its all-time high, briefly reclaiming the US$120,000 mark overnight before easing back in early trading. ETH followed suit, surging past the key US$4,000 level for the first time since late 2024 and touching prices not seen since December 2021.

At the time of writing, Bitcoin is sitting around $118,982, while ETH is holding near $4,257. The weekend rally was strongest during Asian trading hours, with momentum largely attributed to macroeconomic tailwinds, in particular, the rapid expansion of US debt.

Markus Thielen, CEO of 10x Research, pointed out that Bitcoin’s latest breakout aligns with President Donald Trump’s signing of the Big Beautiful Bill, which lifted the US debt ceiling by a staggering $5 trillion.

“Whether the economy stays strong or dips into recession, the flood of new debt is a tailwind for hard assets like bitcoin and gold,” Thielen said. “The next major resistance level at US$133,000 is now in sight, with positioning and market structure favouring the bulls.”

ETH’s surge is also being fuelled by increased inflows into ETH-based ETFs, which saw US$326.83 million in net investment last week, outpacing Bitcoin ETFs, which attracted $246.75 million. The move through US$4,000 represents a key psychological and technical level for traders and investors alike.

The strong rally comes despite August’s historical reputation as a weaker month for crypto trading. While US equity markets opened the week near record highs, both equities and crypto eased slightly as traders turned their focus to upcoming US inflation data.

For Ainslie Crypto clients, these moves highlight the ongoing correlation between macroeconomic policy shifts and the performance of digital assets. As global debt levels continue to expand, hard assets like Bitcoin, ETH, gold and silver are increasingly seen as stores of value in uncertain markets.

Whether you’re new to crypto or a seasoned investor, Ainslie Crypto makes it easy to buy, sell, and securely store your digital assets. With real people in Brisbane, Melbourne, and the Gold Coast, plus full online service, we combine decades of market experience with bank-grade custody solutions. From simple Bitcoin purchases to SMSF compliance and even swapping crypto into physical gold and silver, we’re here to help you invest with confidence.