Bitcoin has surged past $110,000 for the first time, climbing over 3% in the past 24 hours to surpass previous price highs set earlier in 2025.
The world’s largest cryptocurrency, Bitcoin (BTC), reached a new all-time high of $110,788.98 on Coinbase late on May 21 2025, according to TradingView data.
The recent rally saw Bitcoin gain roughly 3% over the last day, eclipsing its earlier all-time high of $109,458 set earlier on the same day. That level marked the first time Bitcoin had broken above its long-standing January 20 2025 peak.
So far in 2025, Bitcoin is up 17.5%, and it has surged 47% since its April 7 low of $75,000, which followed a steep market sell-off triggered by sweeping tariffs introduced by U.S. President Donald Trump.
The latest price milestone coincides with a turbulent day for U.S. stock markets. A disappointing 20-year bond auction on May 21 2025 sent Treasury yields soaring, shaking investor confidence. The S&P 500 plummeted 80 points in just 30 minutes, while the Nasdaq and Dow Jones followed suit, with all major indexes ending the day in the red.
MILESTONE | #Bitcoin $BTC is Now the 5th Largest Asset by Market Capitalization
This represents Bitcoin’s highest-ever ranking, despite its market cap having previously surpassed $2 trillion when its price exceeded $109,000.https://t.co/8NP2dckXyG @Bitcoin @BTC_Archive pic.twitter.com/k2kp3uADW1
— BitKE (@BitcoinKE) April 23, 2025
Caroline Bowler, CEO of Australian exchange, BTC Markets, said that Bitcoin’s new high signals a more mature phase for the asset class.
“This rally reflects a mature interest in digital assets worldwide, not the speculative surge seen in past cycles,” she noted. “Today’s demand is driven by institutional-grade infrastructure and stronger regulatory clarity. Investor sentiment has shifted decisively, reflecting institutional-style allocations.”
Despite the rising price, Google Trends shows that searches for Bitcoin have been declining since November 2024 and are now at levels typically seen during bear markets – suggesting that retail interest remains low.
Meanwhile, the Crypto Fear & Greed Index sat at 72/100 on May 22 2025, indicating a sentiment of “greed.” That’s down from its 2025 peak of 84 on January 22 2025, two days after President Trump’s inauguration.
Edward Carroll, Head of global markets and corporate finance at MHC Digital Group, said in a note that medium-term demand could drive Bitcoin to at least $160,000 by Q4 2025, and potentially to $1 million by 2030.
Bitcoin Whale Bets Big on Bitcoin with a 40x Long Position
In a separate development, a crypto whale, trader James Wynn, has taken the largest on-chain leveraged position to date. His Bitcoin long on crypto platform Hyperliquidity reached $1.1 billion as BTC peaked.
It currently holds an unrealized profit of $20 million.
Wynn has opened a massive $830 million long position on Bitcoin via the decentralized exchange, Hyperliquid, using 40x leverage. The entry price was $105,033, with liquidation set just under $100,330, according to on-chain analyst, EmberCN.
Within 90 minutes, Wynn trimmed his position by offloading 3,688 BTC – worth about $400 million – before adding back as BTC retraced, signaling continued bullish conviction.
Wynn’s move contrasts with broader market sentiment.
Other whales, like trader Qwatio, are shorting BTC – Qwatio placed an 826 BTC short worth $88.3 million at $107,192.
This high-stakes bet comes as Bitcoin nears its January all-time high, buoyed by nearly $7 billion in ETF inflows and 99% of BTC holders sitting in profit.
Analysts say the momentum could push BTC past $110,000 soon, which it already has as of this writing.
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