On May 22, eToro Australia analyst Reece Hobson stated that Bitcoin's surge to a historic high of $110,000 is due to multiple factors. Institutional capital inflows, particularly through U.S. spot Bitcoin ETFs, have injected billions of dollars into the market. The macro environment has also played a role, including increased liquidity, a weakening dollar, and a resurgence of geopolitical uncertainty. Hobson added, 'When two key events occur simultaneously, the season for altcoins will begin. First, quantitative easing policies must be initiated to inject more liquidity into the system, and Bitcoin's dominance (BTC.D) also needs to reach around 70% (currently at 64%)'.