On August 5, 2026, during midday Asian trading hours, the global cryptocurrency market reached another milestone. Bitcoin (BTC), driven by combined forces of multiple capital sources, broke through the $180,000 psychological barrier, reaching a high of $180,842 and setting a new record. Ethereum (ETH) also showed strong performance, surpassing $55,000 to set a new all-time high. Market sentiment is high, with CoinGecko data showing that the total cryptocurrency market cap increased by approximately 4.2% within 24 hours to reach $6.1 trillion.

Major Cryptocurrencies All Rally

Besides Bitcoin and Ethereum, other major cryptocurrencies also showed a broad upward trend. Solana (SOL) led the Layer1 sector with a 7.5% gain in 24 hours, trading at $214; Cardano (ADA) rose 5.2% to $3.86; while BNB broke through $900, setting a new all-time high. Notably, Thai investors' enthusiasm for cryptocurrencies continues to grow, with Bitcoin trading volume on local Thai exchanges surging 35% compared to the same period last week.

Ethereum Takes Over the Momentum

Ethereum's rally is particularly noteworthy. Over the past week, ETH has steadily climbed from $48,200 to above $55,000, an increase of over 14%. Analysts believe that continuous capital inflows into spot Ethereum ETFs in the Asian market are the main driver. Data shows that on August 4, 2026, US-listed Ethereum ETFs had a single-day net inflow of $8.2 billion, the second highest on record.

Driving Factors: Fed Rate Cut Expectations and Asian Capital Synergy

The most fundamental driver of this rally comes from the macroeconomic environment. The CME FedWatch tool shows that the probability of a 25-basis-point Fed rate cut in September has risen to 88%, a significant increase from 72% a week ago. Rate cut expectations have reduced the attractiveness of dollar-denominated assets, accelerating capital flows into risk assets. As "digital gold," Bitcoin has naturally become the preferred choice for institutional asset allocation.

Meanwhile, Asian market forces cannot be ignored. The Stock Exchange of Thailand (SET) recently announced plans to launch a digital asset index, while the central bank of Thailand and Hong Kong Monetary Authority's cross-border digital currency pilot project has also made new progress. These policy developments have boosted investor confidence in Southeast Asia.

ETF Inflows Reach Record Levels

According to HODL Capital statistics, global Bitcoin ETFs had cumulative net inflows of $15.6 billion in July 2026, setting a monthly record. On August 4 alone, US Bitcoin spot ETFs attracted $1.13 billion. Institutional investors are incorporating Bitcoin into long-term asset portfolios at an unprecedented pace. Deutsche Bank analysts raised their year-end price target for Bitcoin to $220,000 in a recent report.

Market Views and Risk Warnings

Despite the market euphoria, risks cannot be ignored. Cryptocurrency analyst Markus Levin points out that current market leverage is high, with perpetual funding rates remaining above 0.08% for a consecutive week, posing risks of long and short squeezes. Investors are advised to control position sizes and avoid chasing highs. Additionally, sudden changes in regulatory policies across countries could also trigger sharp volatility.

• The Stock Exchange of Thailand plans to launch a digital asset index in Q4 2026, covering major cryptocurrencies like BTC and ETH.
• The new governor of the Bank of Thailand has publicly stated that the possibility of issuing a retail central bank digital currency (CBDC) will be studied.
• The Hong Kong Exchange has been approved to launch Bitcoin futures and options, further enriching the Asian derivatives ecosystem.

At the time of publication, Bitcoin was trading at $180,310, up 3.8% in 24 hours; Ethereum was at $55,240, up 4.5%. Investors should closely watch tonight's US CPI data and Federal Reserve officials' speeches, which could trigger a new round of volatility.