Bitcoin (BTC) rare scene: consecutive two days reached new highs, but the "TWD" priced BTC unexpectedly did not follow.

Bitcoin (BTC) has once again soared to a new historical high of $118,400 today (11), setting records for two consecutive days, which has greatly excited the encryption community. However, an interesting phenomenon has emerged alongside Bitcoin's continuous new highs: the Bitcoin priced in New Taiwan Dollars has unexpectedly not followed suit to reach a historical high, which has had a tangible impact on Taiwanese investors.

Bitcoin benefits from the expansion of institutional funds, clear policies, and rising market risk appetite. Especially with the recent pro-encryption policies issued by the United States, many companies have included Bitcoin in their financial report asset items, referred to as "Bitcoin reserve" strategy companies, such as Strategy, Metaplanet, 21 Capital, etc.

1. The 3 Key Drivers Behind the Surge of Bitcoin

Market analysts point out the 3 major catalysts for this round of Bitcoin surge:

Policy barometer: President Trump of the United States mentioned in a speech in Florida that "encryption will reshape the global financial order," which is seen as a policy barometer, injecting confidence into the market.

Institutional funds are pouring in: Institutions like BlackRock purchased over 32,000 BTC in a single day through exchanges, indicating strong demand for Bitcoin from institutional investors.

Supply contraction: The Bitcoin halving effect has caused the daily output of miners to plummet to 450 coins, exacerbating the supply-demand imbalance and further driving up prices.

TradingView charts further show that the open interest of BTC perpetual contracts surged by 3.7 billion dollars at the moment of the breakthrough, with the leverage effect amplifying the wave.

2. The Special Phenomenon of Bitcoin Valued in "TWD"

(Source: Gate Exchange)

Interestingly, due to the recent strength of the "TWD" exchange rate, data from the Taiwan exchange shows that Bitcoin priced in TWD is currently around 3.45 million, still a distance away from the historical high point set in January this year, which is a very rare situation.

For those who originally hold USDT or BTC, it feels like there is no difference, but for users calculating returns in "TWD", profits have suddenly decreased significantly; conversely, if one wants to enter the market now, there is also an additional exchange rate advantage. This also reminds Taiwanese investors that when evaluating cryptocurrency investment returns, in addition to focusing on price fluctuations denominated in US dollars, they should also consider exchange rate factors.

Three, Ethereum Foundation's "Four Arrows Strategy" and Whales Accumulating ETH

In line with the strong performance of Bitcoin, the Ethereum Foundation (EF) released a strategic update document on the 10th, shocking the industry. Its core framework includes:

Corporate Relations: Establish standardized API interfaces, with 12 institutions including JPMorgan accessing.

Developer Growth: Global Hackathon Program, recruiting 3,200 developers.

Application Ecosystem: dApp Accelerator Fund, nearly 50 projects benefited.

Support for entrepreneurs: Venture Capital Alliance Program, with participation from 8 venture capital firms including a16z.

It is worth noting that the Chief Technology Officer of the Ethereum Foundation revealed in an interview: "We are witnessing a paradigm shift from 'speculative holdings' to 'infrastructure investment.'" This can be verified by the influx of $9.7 billion in institutional funds into the Ethereum ecosystem in recent months, with a net inflow of $1.3 billion just last week.

On-chain data reveals astonishing trends: gaming giant SharpLINK Gaming holds 198,167 ETH (approximately worth 7 billion USD), making it the second largest institutional holder of ETH globally, after the Ethereum Foundation. Even more noteworthy is that Bit Digital, after completing a fundraising of 172 million USD, immediately transferred 100,000 ETH into a staking contract with an annualized return rate of up to 5.8%.

Other noteworthy institutional trends include: Canada's pension fund CDPQ increasing its allocation of ETH to 7% of its investment portfolio, and Fidelity Digital Assets launching an institutional-grade ETH custody solution.

IV. EIP-7702 Security Vulnerabilities and Market Concerns

SlowMist security report reveals shocking data: The Ethereum ecosystem lost $470 million in the first half of 2025 due to the EIP-7702 vulnerability. This proposal was originally intended to allow users to authorize smart contracts without changing their wallet addresses, but it was exploited by phishing websites.

Typical attack methods include: forging MetaMask pop-up windows to induce signatures, stealing private keys during wallet upgrade processes, and replaying old contract authorizations. Analysts warn: "Even if the contract itself has no backdoor, once users mistakenly authorize on phishing sites, attackers can empty assets within 3 seconds." The Ethereum Foundation has urgently established a security team, with a patch expected to be released in Q3.

What should the market pay attention to next?

As the supply of Bitcoin tightens after the halving, coupled with the explosive growth of the Ethereum ecosystem, the cryptocurrency market is entering a new stage. Key observation points include:

1. The final decision of the US SEC on the ETH spot ETF;

2. Progress on the new sharding proposal put forward by Ethereum co-founder Vitalik Buterin;

3. Changes in holdings of institutional investors on exchanges such as Gate.

Conclusion:

Bitcoin has reached a historic high for two consecutive days, once again proving its strong momentum as digital gold. However, the special performance of Bitcoin priced in "TWD" reminds Taiwanese investors that exchange rate factors cannot be ignored in cryptocurrency investments. At the same time, the vigorous development of the Ethereum ecosystem and the continuous influx of institutional capital also indicate that the cryptocurrency market is moving towards a more mature and diversified stage.