$BTC HTX Research analysts reported that there has been a fundamental change in the pricing logic of the first cryptocurrency — the market has shifted from short-term speculation to long-term capital distribution. According to experts, the first cryptocurrency is forming an independent capital ecosystem and is increasingly viewed as a supranational asset — something between gold and US Treasury bonds. Currently, the rise in Bitcoin's price has been supported by institutional investors, including the sovereign wealth fund of Abu Dhabi.

"For the first time in three months, Bitcoin has exceeded the $100,000 mark, confirming the earlier forecast of a 'liquidity window' appearing in early May," the HTX Research report states.

HTX Research analysts noted that the yield on ten-year US Treasury bonds hovers around 4.40%, remaining in a neutral zone for high-risk assets. As long as this figure does not exceed 4.8%, and the influx of funds into spot Bitcoin ETFs remains stable, Bitcoin is likely to consolidate in the range of $105,000 to $115,000.