Bitcoin's price has surpassed the $100,000 mark. This milestone crossing is the result of a complex interplay of various factors, including the global economic situation, the positioning of financial institutions, market liquidity, macro policy direction, and market sentiment. As early as the end of April, Bitcoin showed signs of decoupling from the U.S. stock market, rising independently, which laid the groundwork for Bitcoin's return to $100,000.
The most direct reason is the continuous purchasing by institutions. By the end of 2024, BlackRock's Bitcoin ETF (IBIT) had reached an asset size of $34.3 billion, surpassing the iShares Gold Trust (IAU) at $33 billion. This signals that traditional institutions are gradually gaining long-term confidence in Bitcoin, setting the stage for its repricing. Companies like Strategy, Thumzup, and Metaplanet have consistently increased their Bitcoin holdings, further consolidating the buying power in the market and attracting more incremental funds, providing support for the rise in Bitcoin's price.
Additionally, the liquidity in the crypto market is quietly changing. According to statistics from blockchain data platforms, the issuance of USDT reached $5 billion in April 2025, making funds for the crypto market more abundant. The increase in USDT issuance is related to the stablecoin legislation that the U.S. will implement this year, and it is expected that with the advancement of the stablecoin legislation, the quantity of USDT will continue to increase in the future.
