Bitcoin (BTC) has officially broken into six-figure territory, surging to a new all-time high of $110,788.98 on Coinbase late May 21, marking a historic moment for the world’s largest cryptocurrency. The rally reflects growing institutional confidence even as retail interest remains muted.

BTC Surpasses Previous Highs with 3% Daily Gain

Bitcoin climbed over 3% in the past 24 hours, pushing past its earlier peak of $109,458 and setting a fresh record before 11:30 PM UTC. The new high caps a 17.5% gain in 2025 and a massive 47% recovery from its April 7 low of $75,000, which had been triggered by global market selloffs following President Donald Trump’s aggressive tariff policies.

Institutional Interest Over Speculation

According to Caroline Bowler, CEO of Australian crypto exchange BTC Markets, this rally marks a shift from previous speculative surges:

“Today’s demand is driven by institutional-grade infrastructure and stronger regulatory clarity,” she told Cointelegraph. “Investor sentiment has shifted decisively.”

Indeed, this is evident in metrics showing low retail activity—Google Trends data indicates that Bitcoin search interest is at bear-market levels, while the Crypto Fear & Greed Index registers 72 (Greed), down from its January high of 84.

Macro Factors Fuel the Surge

The rally comes at a time of broader financial uncertainty. On May 21, a weak 20-year U.S. bond auction triggered a spike in Treasury yields, unsettling traditional markets. The S&P 500 fell 80 points, while the Nasdaq and Dow also declined, pushing capital flow into alternative assets like Bitcoin.

Eyes on $160K and Beyond

Edward Carroll, Head of Global Markets at MHC Digital Group, predicts Bitcoin could climb to $160,000 by Q4 2025, and even reach $1 million by 2030, citing sustained demand growth and robust investor appetite.

Largest Onchain Margin Trade Tops $1.1B

Meanwhile, trader James Wynn has made headlines for holding the largest on-chain leveraged Bitcoin position on Hyperliquidity. His 40x long position entered at $108,065, now sits with an unrealized profit of $20 million, and will liquidate if BTC dips to $103,800.

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