On May 22, 2025, the price of Bitcoin broke through the $110,000 mark, setting a new historical high with a total market capitalization exceeding $2.16 trillion, making it the fifth-largest asset class in the world. This surge can be attributed to multiple factors working together.

Positive signals have been released from the regulatory level. The U.S. "GENIUS Stablecoin Act" passed procedural voting, the Trump administration promoted a "strategic Bitcoin reserve" plan, and places like Texas also plan to include Bitcoin in their financial reserves; Hong Kong's "Stablecoin Regulation Draft" passed its third reading, becoming the first region in Asia to establish a regulatory framework for crypto assets, providing compliance assurance for capital entry.

There is a clear influx of funds. Publicly listed companies hold as much as $349 billion in Bitcoin, accounting for 15% of the circulating supply, with MicroStrategy holding over $50 billion and included in the Nasdaq 100 index, attracting passive funds. Bitcoin spot ETFs saw inflows of over $40 billion in a single week, with traditional financial giants like BlackRock actively positioning themselves, creating stable funding channels.

The macroeconomic environment is also contributing to the momentum. The U.S. April CPI year-on-year growth rate fell to 2.3%, close to the Federal Reserve's target, and the market has strong expectations for interest rate cuts in September, with the dollar index falling below 100. The U.S. bond market is turbulent, with ten-year Treasury yields soaring, accelerating the flow of funds into non-sovereign assets like Bitcoin.

The Bitcoin ecosystem itself continues to improve. The Lightning Network enhances transaction efficiency, deeply integrating with DeFi to expand application scenarios, with rapid development in the RWA field, and the U.S. has released a strategic plan, with exchanges setting up special zones to attract significant funds.

However, market risks cannot be ignored. Technical indicators show that Bitcoin is already in the overbought zone, with significant short-term profit-taking pressure. The volume of miner sell-offs is increasing, and if the price falls below the cost line, it could trigger sell pressure. In terms of policy, there is inconsistent regulatory attitude in Europe and the U.S., leading to uncertainty. Currently, market liquidity is poor, buy-sell orders are unbalanced, and the proportion of high-leverage positions in the derivatives market is large, with the risk of liquidation potentially exacerbating price volatility at any time. Although Bitcoin's rise is astonishing, investors still need to be alert to potential risks and view market changes rationally. #BTC再创新高 $BTC