Bitcoin has reached a new all-time high, surpassing $125,000, driven by significant inflows into U.S. spot ETFs totaling approximately $3.25 billion over the past week. This surge is also fueled by a 'depreciation trade' as investors turn to Bitcoin to hedge against a weakening U.S. dollar and increasing government debt. The price spike has led to over $200 million in short liquidations, further propelling the cryptocurrency's upward momentum. Bitcoin's deflationary nature and limited supply continue to attract investors seeking protection against monetary expansion.