BlockBeats reports that on May 9, Bitcoin strongly broke through the $100,000 mark, reaching a new high since February. Meanwhile, Geoffrey Kendrick, head of digital asset research at Standard Chartered Bank, stated that the previously predicted target price of $120,000 'may be too conservative' and emphasized that the core driving force in the current market has shifted to continuous capital inflows, including $5.3 billion raised by the US spot Bitcoin ETF in the past three weeks, with institutional holdings from BlackRock, Fidelity, and others surpassing 4.9 million BTC.
The strengthening expectation of a shift in Federal Reserve policy has become an important driver of this round of increases. After the dovish signals released in the May meeting, the market's expectation for a rate cut in September rose to 44%, accelerating capital inflow into crypto assets. Meanwhile, multiple U.S. states are advancing cryptocurrency reserve bills, and Texas's Bitcoin strategic reserve bill has entered the final voting stage, further solidifying Bitcoin's 'digital gold' attributes through the process of policy compliance. On-chain data shows that whale addresses increased their holdings by 81,000 BTC within three days, reaching a historic high in holding ratio. Additionally, publicly listed companies like MicroStrategy have allocated 90% of their liquid assets to Bitcoin, significantly enhancing the bottom-line effect.
Technological upgrades and ecological explosions have also injected momentum into the market. After the Ethereum 'Pectra upgrade' was implemented, staking annual returns rose above 8%, attracting institutional investments; public chain ecosystems like Solana and Sui are active, and the AI + RWA track has exploded, with the REVOX protocol token increasing by 330% weekly. Altcoins have also surged, with the total market capitalization soaring by 7.56% in a single day, and meme coins, AI, and RWA tracks becoming the focus of capital.
The current market is driven by the resonance of policies, technology, and capital. After Bitcoin broke through $100,000, crypto assets have entered a new phase of 'institutional bull market'. It is advised for investors to use a 'base position + flexible position' strategy to cope with volatility and to focus on the long position window before the interest rate cut cycle (July).
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