Bitcoin Blasts To $111,867 All-Time High—Here’s Why

Bitcoin pierced the $ 111,000 threshold for the first time in history on May 22, printing an intraday maximum of $ 111,867 on Binance, giving the activity a market capitalization of about $ 2.22 trillion or two thirds of the entire crypt market. The last stage of the event was driven by a close confluence of catalysts covering institutional flows, accumulation of corporate balance and growing macroeconomic stress.

#1 Bitcoin Etf Inflies Spot

From Wall Street sometimes Blackrock, the Etf Bitcoin Spot USA have transformed into a one -way duct of Fresh Capital. Farside Investors scored $ 607.1 million net subscriptions on May 21, of which a blockbuster $ 530.6 million went to the Blackrock (IBIT) ishares Bitcoin Trust. This prompted the ray of 11 days to over $ 2.7 billion and has revoked cumulative net affluent through the complex over $ 42 billion, an unprecedented pace for a six -month activity class.

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“Over $ 500 million in the ETF Ishares Bitcoin … almost $ 2 bil just more than about the last week. Entrust 26 of the 27 days of the last 27 days. * $ 7+bil * in a new $$$ in general. Given the volume of trading today, wait for these influx numbers to increase today. The ATHS will do it, e.g. the last time exchanged this was 1/23 (last ATH).

#2 Bitcoin Treasury companies

Parallel to the Torrent Etf, a new cohort of listed companies is adopting Bitcoin as the activity of the primary treasure. In addition to strategy and metaplanet, these companies have purchased billions of dollars in Bitcoin in recent weeks. The 3.6 billion dollar Spac agreement of Cantor Fitzgerald will require an audience in capital with over 42,000 BTCs on his books, supported by Tether, Bitfinex and SoftBank. Strive Asset Management is blending with patrimonial entities on Nasdaq to create what calls the first Treasury Bitcoin company led in the bag listed on the stock exchange, equipped with a 1 billion dollar shelf to continue buying coins.

Kull Technology Group Kull Tech Kull raised his 800 BTC stack this week after a new purchase of $ 9 million. Elsewhere, Jetking Infotrain of India, Indonesia Digiasia Corp, Brazil Fintech Méliuz, the French State Provtor BPIFrance and the Nakamoto Holdings of the accumulation of David Bailey, who now merge with Gortlymd to build “the first decentralized network of the Treasury”, among others, all the accumulation strategies not displayed in the past. Collectively these companies represent billions of dollars in commercials, largely insensitive demand to prices.

#3 The New Narratives: A Brewing Macro Storm

The macro background is pouring fuel on the fire. The Japanese-long-last-time super-long government bonds synonymous with almost zero-senior returns without offers, sending the 30-year JGB performance to a 3.14 %record. The move shakes the cycle of feedback that connects Tokyo and Washington: the Japanese institutions were among the major foreign holders of US treasure and analysts warn that this year the disordered JGB liquidations could force the sales of US debts just as the treasure must refinance about $ 8 trillion this year.

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With the WSJ dollar index falling over 10% from the peak data of January and CFTC showing the largest short -term short position since mid -2023, investors are launching alternatives to the sovereign document. The Guru Raoul Pal macro said: “The yields of the bonds are going up. Normally it is not a good thing … but inflation is falling continuously. History is liquidity. There is a lack of liquidity in the bond market and when the returns become too high the government’s reaction function is always and in any case to print more money.”

Global liquidity dynamics are added to the case. Global M2-aggregating the monetary stock in the United States, in the euro area, in China and Japan-it was beaten at the end of last year and has increased 3-4 % since the beginning of the year, according to several trackers. The inflexions on Bitcoin prices generally late from Global-M2 are held by about three months; The current gathering has arrived almost on scheduled times. As the Analyst Crypto Kevin (@kev_capiotal_ta) observed on X, “Dollar descends, the global liquidity increases, BTC increases”.

For some market veterans, the price action indicates a deeper behavioral change. “We are looking at BTC transforming from a risk to a risk activity,” wrote the co-founder of Multicain Capital Tushar Jain after the route of Bonds on Wednesday and the Dollar Sell-Off.

“Today we have seen further evidence that the government cannot reduce the budget deficit. The market reacted by selling US payments, selling USD, selling actions and purchasing BTC. The transformation is not yet complete. It will take more days like this to convince the market that BTC is a risk outside the resource. Like most of the great changes, this will happen slowly and then suddenly”, added Jain.

At the time of printing, BTC was exchanged at $

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