Bitcoin’s recent surge to an all-time high of over $111,000 is driven by several key factors: 
1. Regulatory Developments: The U.S. Senate’s advancement of the Genius Act, aiming to regulate stablecoins, has boosted investor confidence in the crypto market. 
2. Institutional Investment: Significant inflows into Bitcoin ETFs, totaling over $3.6 billion this month, indicate growing institutional interest. 
3. Macroeconomic Factors: Concerns over U.S. fiscal policy, including a downgraded credit rating and rising Treasury yields, have led investors to seek alternatives like Bitcoin. 
4. Corporate Accumulation: Companies such as MicroStrategy have increased their Bitcoin holdings, signaling strong corporate belief in the asset’s value. 
These combined factors contribute to the current bullish momentum in Bitcoin’s price.