On May 22, 2025, it coincides with the iconic 'Pizza Day' in the crypto world. This time, it's not just for commemoration, but to witness: **Bitcoin price has broken through $110,000, setting a new historical high!** When Trump celebrated this moment on Truth Social with a high-profile post: 'BITCOIN ALL TIME HIGHS, ENJOY!!', the market was no longer in a frenzy, but had opened a new logical switch.
This round of price increase is by no means a simple market sentiment push; behind it is the synergistic effect of multiple 'substantive structural benefits'—not only changing short-term prices but also reshaping investors' understanding of Bitcoin's asset attributes. We may as well analyze these deep driving forces one by one and look forward to future potential.
1. Hong Kong's stablecoin regulation lands, releasing 'Asian consensus dividends'.
Just a day before BTC's breakthrough, the Hong Kong Legislative Council passed the (Stablecoin Regulation Draft) on the third reading, awaiting the Chief Executive's signature and official publication to take effect.
This is a milestone step in the crypto industry:
The first explicit provisions for the compliant issuance and regulation of stablecoins;
Officially connecting stablecoins with the Hong Kong financial system;
Providing legal safeguards for Web3 entrepreneurship, international capital landing, and on-chain payment application construction.
This will directly drive funds, developers, and institutions to turn their sights to Asia, with Hong Kong potentially becoming a new pole in the global crypto asset landscape. Mlion.ai's policy heat monitoring system shows that after the legislative news was released, the mention of stablecoin-related keywords on Asian social platforms surged by 270%, and the net inflow of on-chain stablecoins increased by 22%.
2. The US (GENIUS Act) ends the debate, reopening the compliance door.
On May 20, 2025, the US Senate passed the conclusion of the debate on the (GENIUS Act), taking a key step towards the compliant landing of stablecoins in the US. The bill supports banks issuing stablecoins and allows merchants to widely accept their payment functions.
Matt Hougan, Chief Investment Officer of Bitwise, stated: This may be more important than a Bitcoin spot ETF, opening a new era of 'dollar on-chain'.
From a strategic perspective, once stablecoins become a 'digital extension of the dollar', their underlying payment tracks, settlement logic, and asset custody methods will be reshaped. And Bitcoin, as the most representative and market-cap-weighted on-chain asset, will naturally become the new 'center of on-chain assets'.
3. The US stock, bond, and currency markets face triple blows: Bitcoin becomes a new safe-haven anchor point
On May 21, the interest rate for US Treasury auctions soared above 5%, with the 10-year yield approaching 4.6%. The dollar continued to decline, and US stocks recorded their largest drop in a month.
This means that the traditional market is facing an unprecedented decline in trust, while Bitcoin is experiencing a confidence explosion. As Nansen's analysis pointed out: sovereign credit is weakening, and the sovereign external anchoring attributes of crypto assets are being reactivated.
Mlion.ai's macro risk indicator model shows that the negative correlation between Bitcoin and the 10-year US Treasury yield is strengthening, indicating that capital is using 'on-chain gold' to hedge against the uncertainties of the 'dollar system'.
4. Texas, Russia-Ukraine, Trade War: Structural easing boosts global risk appetite.
Texas officially promotes the strategic Bitcoin reserve bill, with 26 states in the US having introduced 47 related proposals;
Russia and Ukraine signal a ceasefire negotiation, with Trump repeatedly stating he will promote dialogue between the two sides;
China and US economic and trade policies are easing, temporarily suspending 24% of tariffs, relieving global economic shock expectations.
These events collectively build a 'de-risking' macro environment, indirectly reinforcing Bitcoin's global capital circulation attributes.
5. Trump Dinner: From Politics to Consensus in the 'Crypto Cultural Field'.
It is worth mentioning that the 'Trump Token Holding Dinner' on May 23 became a focus on social media. The top 220 holders of TRUMP tokens will have the opportunity to dine with Trump, with the top 25 holders able to visit the White House.
According to Nansen's statistics, the total cost of this 'ticket' is nearly $394 million, which is not only a token consensus experiment but also a symbolic victory for crypto assets entering the political stage.
The social sentiment indicators tracked by Mlion.ai show that the sentiment linkage index around TRUMP tokens and Bitcoin has reached a recent high, and this politically narrative-driven traffic storm is also strengthening Bitcoin's 'cultural currency' attributes.
6. How high can it go in the future? The model provides a clear path.
According to the quantile model, Bitcoin is currently in a 'transition zone' and is about to enter an acceleration phase:
Mid-term target price: $130,000 to $163,000.
2025 potential peak forecast: $200,000 to $215,000.
On-chain holding heat and ETF incremental funds are expanding simultaneously, indicating that we have not yet entered the bubble zone.
Anonymous analysts apsk32 and Mags both pointed out that Bitcoin's price trajectory is highly consistent with its four-year cycle, and 2025 is likely to become the main upward phase of a historical bull market.
The AI price prediction module provided by Mlion.ai has also adjusted the target range to $138,000—$165,000, with expectations to enter the acceleration phase as early as Q3 2025.
7. Operational suggestions: The trend is clear, but respect the rhythm.
Although there may still be pullbacks or fluctuations in the short term, Bitcoin currently has multiple support levels:
Three driving forces: favorable regulations + capital inflow + political dividends;
Safe-haven alternatives amid the resonance of US bond risks and stablecoin regulation;
The consensus dividends brought by policy linkage among multiple countries globally.
Investors can accurately capture key support levels, structural accumulation timing, and potential coins for rebound through Mlion.ai's on-chain heat analysis, AI research reports, and whale tracking features.
Conclusion: Bitcoin on Pizza Day has once again surpassed 'festival sentiment' and become a pioneer in the reconstruction of the global new financial order.
It's not a coincidence, but a result of patterns. Bitcoin reaching $110,000 is not just a point in the technical chart, but a multidimensional structural victory. The next stop, perhaps as analysts say: $200,000 is not a fantasy, but a quantifiable goal.
Disclaimer: The above content is for information sharing only and does not constitute any investment advice!
