Bitcoin just rewrote the record books, and the momentum suggests this may only be the beginning.
For the first time in history, Bitcoin closed a weekly candle above $107,000, briefly touching that level before settling around $105,000. As of now, the world’s largest cryptocurrency is trading near $104,300, placing it less than 3% away from its all-time high.
This remarkable surge echoes the legendary bull run of November 2021, when Bitcoin surged $30,000 in just three weeks. But in 2025, the game has evolved — the players are bigger, and the stakes are higher.
May Madness: Bitcoin Adds $13,000 in a Single Month
So far in May alone, Bitcoin has climbed from $94,000 to over $107,000 — a gain of more than $13,000. Much of this rise is driven by a blend of institutional confidence, macroeconomic shifts, and one important player: Japan’s Metaplanet.
The publicly listed company just added 1,004 BTC (worth $104 million), bringing its total holdings to 7,800 BTC — now valued around $812 million. Metaplanet is widely seen as Japan’s version of MicroStrategy, steadily increasing its exposure to Bitcoin for months.
This aggressive corporate accumulation is a signal: smart money is still buying.
Arthur Hayes Predicts More Upside: $150K to $200K Target?
Arthur Hayes, co-founder of BitMEX and a respected voice in crypto macro analysis, believes we’re just warming up. In a recent interview with Fortune, Hayes explained that the U.S. Treasury is spending far more than officially disclosed — a move that injects unseen liquidity into the economy.
“The Treasury General Account dropped from $750 billion to $450 billion this quarter,” he said, explaining that “extraordinary measures” allow the government to spend without raising new debt. In essence, the U.S. is quietly pumping dollars into the system — and that excess liquidity often finds its way into assets like Bitcoin.
Hayes emphasized that between January and March 2025, Treasury borrowing rose 22% compared to the previous year. With such fiscal conditions, Hayes sees Bitcoin reaching $110K+ soon, then targeting $150K to $200K by summer or early Q3.
As for altcoins? Hayes warns that many won’t see a repeat of 2021-style gains. “High FDV, low float, no customers, no revenue — a lot of those tokens are just zombie projects,” he said. “They’re not coming back.”
On-Chain Strength: Realized Cap Hits All-Time High
Another powerful signal of underlying strength is Bitcoin’s realized capitalization, which just hit an all-time high at $906 billion, according to CryptoQuant. That’s a 1.6% gain in just 10 days — a period where Bitcoin remained tightly range-bound.
This metric reflects the total value of all Bitcoins based on the price at which they were last moved, giving us a cleaner picture of actual capital inflows. In short: new money is still pouring in.
Wallets holding 100 to 1,000 BTC — often mid-sized institutions and high-net-worth individuals — have increased their holdings by 122,540 BTC in this period. That’s a 2.2% rise, showing accumulation rather than distribution. These “mid-sized whales” are buying the dip — not exiting the market.
ETF Power: BlackRock and Others Fuel the Fire
Spot Bitcoin ETFs are proving to be one of the most important forces behind this rally. In just the past week, net inflows reached $608 million, reinforcing the strong institutional demand.
BlackRock’s iShares Bitcoin Trust (IBIT) led the pack, recording over $840 million in inflows — more than all other ETFs combined. It now holds 631,902 BTC, up from 621,600 BTC — a 10,302 BTC increase, or 1.66% growth in one week.
While some ETFs paused or trimmed their positions, BlackRock’s strategy was aggressive and clear: buy more Bitcoin. This sharp contrast hints at a longer-term bullish outlook from the world’s largest asset manager.
What’s Next? $110K Then Liftoff?
Technically, Bitcoin is facing immediate resistance around $104,700 to $107,700. A clean break above these levels could quickly open the door to a new all-time high. With less than 3% left to reclaim the top, traders and institutions are watching closely.
All indicators — from on-chain data, institutional accumulation, ETF inflows, and macroeconomic conditions — point to a perfect storm for Bitcoin to break into new price territory.
But the real question is: Will this be a breakout… or a blow-off top?
If Arthur Hayes is right, the answer could take Bitcoin not just into new highs, but into a completely new era — one where $150K to $200K becomes the new baseline before altcoin season truly begins.
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Stay tuned. The next few weeks could be historic for crypto.