Bitcoin has achieved the strongest weekly close in history, just a step away from its all-time high.
On May 18, the price of Bitcoin surpassed $106,000, marking the strongest single-week close ever. This is Bitcoin's sixth consecutive week of gains, with bullish sentiment firmly dominating the market.
ETF funds pouring in as a driving force
The spot Bitcoin ETF continues to see inflows, with a net inflow of as much as $2.8 billion in the first half of May. This influx of funds, combined with inflation and tariff uncertainties, has propelled Bitcoin to become the preferred safe haven for global investors. Compared to the speculative waves of retail investors in previous years, this round of increases relies more on institutional strength.
Global debt crisis triggers safe-haven frenzy
Moody's has downgraded the U.S. credit rating to AA1, triggering market panic over debt risks. Meanwhile, the yield on Japan's 40-year government bonds has surged to a 20-year high, with the Prime Minister warning that it's “worse than Greece.” The bleak global economic outlook has prompted capital to accelerate towards Bitcoin and gold, seeking safer asset allocations.
Market outlook: Is a new historic high imminent?
Bitcoin is currently just a step away from its historic high of $108,786. Whether the bulls can maintain their momentum and break through the bottleneck to achieve new glory remains to be seen. As financial turmoil intensifies in various countries, Bitcoin is facing unprecedented opportunities.