Bitcoin surged past the $110,000 mark during Thursday’s Asian trading session, surpassing its previous all-time high set on January 20, 2025—the day of the U.S. presidential inauguration—and marking a new milestone in its price history. The digital asset climbed over 2.7% intraday, fueled by strong institutional adoption, corporate treasury strategies, and advancing regulatory clarity in the United States.
This breakthrough reflects growing confidence in Bitcoin as both a store of value and a macro hedge amid fiscal uncertainty. Over the course of May alone, Bitcoin has gained nearly 16%, outperforming traditional risk assets like U.S. equities. Year-to-date, it’s up approximately 17%, solidifying its position as one of the top-performing asset classes.
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Bitcoin Outshines Gold Amid Macroeconomic Stress
While gold has maintained robust performance amid economic volatility, Bitcoin has outpaced it since the U.S. election cycle intensified. As concerns grow over rising federal deficits and prolonged budget negotiations, many market participants are re-evaluating Bitcoin’s role as a digital safe haven.
With long-term interest rates climbing and the yield curve under pressure, analysts suggest that increasing government debt burdens are eroding confidence in fiat systems. This macro backdrop is proving favorable for decentralized assets like Bitcoin.
“Bitcoin is no longer just a speculative asset—it’s becoming part of the macro hedge toolkit,” said a senior strategist at a major digital asset firm. “When trust in traditional fiscal policy wavers, capital naturally seeks alternatives.”
Broader Crypto Market Rallies
Bitcoin’s rally triggered a broad-based uptick across the cryptocurrency market. Ethereum, XRP, and Solana all posted gains during the session, with all top-10 cryptocurrencies by market cap recording positive 24-hour returns.
The momentum also lifted blockchain and crypto-related equities in U.S. markets:
- CRPT: +14.52%
- DAPP: +10.8%
- CleanSpark: +8.3%
- BTC Digital: +6.5%
- Ninth City ADR: +5.8%
- Galaxy Digital (recently direct-listed): +5.6%
- MARA Holdings: +4.7%
- TeraWulf: +4.1%
- Bitmain ADR: +3.6%
- ProShares Bitcoin ETF: +3.2%
- Applied Digital: +2.9%
Notably, MicroStrategy, now rebranded as Strategy (MSTR), rose only 0.9%, trailing the broader sector despite holding over $50 billion worth of Bitcoin on its balance sheet.
U.S. Stablecoin Bill Gains Bipartisan Support
A key catalyst behind the rally is the rapid progress of U.S. stablecoin legislation in Congress. A bipartisan stablecoin regulatory framework is now poised for debate in the Senate, with lawmakers aiming for swift passage—potentially within the week.
The revised bill includes stronger anti-money laundering (AML) provisions, equal regulatory standards for domestic and foreign issuers, and enhanced consumer protections. It also imposes restrictions on tech companies seeking to issue dollar-backed tokens.
This legislative movement signals a shift toward clearer crypto regulations under the current administration—contrasting sharply with the enforcement-heavy approach seen in prior years.
Michael Novogratz, CEO of Galaxy Digital, commented:
“This marks a pivot from Gary Gensler’s SEC era to a more industry-friendly regulatory environment. The message is clear: crypto is here to stay, and Washington is finally listening.”
Despite optimism, ethical concerns have emerged around political engagement in crypto circles. Reports indicate that the President is scheduled to dine with top holders of his endorsed memecoin at a Virginia golf club—a move drawing criticism over potential conflicts of interest.
Corporate Adoption Accelerates
Beyond regulation, corporate demand remains a powerful engine behind Bitcoin’s ascent.
Strategy (formerly MicroStrategy) continues leading the charge, having accumulated more than $50 billion in Bitcoin holdings. Its aggressive acquisition strategy has inspired a wave of copycat moves across industries.
New entrants are leveraging innovative financial instruments—such as convertible bonds and preferred equity—to offer indirect exposure to Bitcoin without direct ownership.
Notable developments include:
- Twenty One Capital: A new venture backed by Cantor Fitzgerald, Tether Holdings SA, and SoftBank Group, modeled after Strategy’s treasury strategy.
- Strive Enterprises Inc.: Co-founded by Vivek Ramaswamy, merging with a Nasdaq-listed entity to form a dedicated Bitcoin reserve company.
- GameStop: The meme-stock favorite confirmed in March that its board approved plans to hold Bitcoin as a treasury asset, emulating Strategy’s model.
These moves underscore a growing trend: corporations treating Bitcoin not as a speculative bet, but as a long-term capital preservation tool.
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Bitcoin Options and ETFs Show Strong Demand
Market derivatives reflect bullish sentiment. According to Deribit data, open interest is highest for Bitcoin call options at strike prices of $110,000, $120,000, and even $300,000—all expiring on June 27. Amberdata reports surging demand for short-term calls above $110,000 over the past 24 hours.
Liquidation activity remains controlled despite the breakout. Coinglass data shows approximately $200 million in combined long and short liquidations over the period—modest relative to market size—indicating strong holder conviction.
Meanwhile, institutional appetite via regulated products continues to grow:
- CME Bitcoin futures open interest has rebounded 23% from April’s yearly low.
- U.S.-listed Bitcoin ETFs attracted around $3.6 billion in inflows during May alone.
Sustained ETF demand highlights deepening integration between traditional finance and digital assets.
Frequently Asked Questions (FAQ)
Q: What caused Bitcoin to break $110,000?
A: A combination of corporate adoption, favorable U.S. stablecoin legislation, macroeconomic uncertainty, and strong ETF inflows drove investor confidence and buying pressure.
Q: Is Bitcoin really a safe-haven asset?
A: Increasingly, yes. Amid rising national debt and fiscal instability, investors are treating Bitcoin as a hedge against currency devaluation—similar to gold but with higher scarcity and portability.
Q: How are companies using Bitcoin on their balance sheets?
A: Firms like Strategy (MSTR) and GameStop are holding Bitcoin as a treasury reserve asset to protect against inflation and diversify holdings beyond cash or bonds.
Q: What does the U.S. stablecoin bill mean for crypto?
A: It introduces clear rules for issuing dollar-backed tokens, enhances consumer protection, and levels the playing field for domestic and international issuers—boosting market legitimacy.
Q: Are we seeing another crypto bull run?
A: Indicators suggest early stages of one: rising prices, growing institutional involvement, expanding derivatives markets, and improving regulatory clarity all point to sustained momentum.
Q: Could political involvement affect crypto markets?
A: Yes. Endorsements or policy shifts from high-profile figures can influence public perception and market sentiment—though increased scrutiny may also raise compliance expectations.
The convergence of regulatory progress, corporate strategy, and macro trends positions Bitcoin at a pivotal moment. As adoption widens and infrastructure matures, its role in global finance appears increasingly entrenched.
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