Bitcoin Surges Above $115K as Trade Talks Progress and Outflows From Long-Term Wallets Rise

Recent progress in US-China trade talks has sparked optimism across global markets, including the cryptocurrency sector. The market capitalization of cryptocurrencies surged to a new record of over $3.88 trillion, fueled by a 2.86% increase within the past day. Bitcoin (BTC) notably hit a fresh all-time high above $115,000 this morning. Ethereum (ETH) has also regained its footing above $4,200. However, a concerning trend emerged as over 62,000 bitcoins were withdrawn from long-term inactive wallets according to Glassnode data. This outflow may limit Bitcoin’s upward momentum in the near term.