Bitcoin has recorded its strongest weekly close at $107,000, briefly reaching that level before retreating to $105,000. The digital asset is now less than 3% away from its all-time high, currently trading near $104,300 based on CoinGecko data.
The latest surge mirrors the momentum in November 2021, when three weekly candles pushed the price by $30,000. Bitcoin has gained $13,000 in May alone, climbing from $94,000 to over $107,000 in under three weeks.
Metaplanet expands holdings with new purchase
Japanese firm Metaplanet has continued its Bitcoin accumulation strategy with a new purchase of 1,004 BTC worth $104 million. This move brings the company’s total holdings to 7,800 BTC, now valued at approximately $812 million. Metaplanet has consistently acquired Bitcoin over the past several months, reinforcing its position as one of the largest corporate holders.
The market has responded positively to the growing interest from institutions. As more companies adopt Bitcoin as a treasury asset, investor confidence is strengthening despite price fluctuations.
Arthur Hayes points to liquidity as key driver
BitMEX co-founder Arthur Hayes told Fortune that the ongoing increase in government spending is adding liquidity to the system, which supports higher Bitcoin prices. He noted that the U.S. Treasury General Account dropped from $750 billion to $450 billion due to extraordinary spending measures that allow continued expenditures without increasing net debt.
Hayes highlighted that Treasury borrowing rose by 22% in the first quarter compared to last year. He believes further debt issuance is likely, which may push more dollars into circulation. According to Hayes, this increase in liquidity contributed to Bitcoin bottoming on April 9 and could make it above $110,000 in the near term. He expects the price to reach between $150,000 and $200,000 during the summer or early third quarter.
ETFs and on-chain data show growing support
Within ten days, the amount has risen to $906 billion from $891.6 billion. This indicates that there is a substantial increase in capital coming into the country. For some time now, the price was trading between $104,731 and mid-$107,000. It could mean the currency is preparing for a breakout above $107,757. Wallets holding between 100 and 1,000 BTC added 122,540 BTC during this range. Spot Bitcoin ETFs recorded $608 million in net inflows for the week. BlackRock’s fund led with $840 million, adding 10,302 BTC to its holdings, a 1.66% increase.
The post Bitcoin Logs Highest Weekly Close at $107,000 as Market Eyes New Peak first appeared on Coinfea.
