$BTC has surpassed a new all-time high of over $111,500, but without the usual turmoil of an overexcited market. On May 22, 2025, the ascent of the crypto queen took place in a disconcerting calm, far from the speculative fervors of the past. Such a discrepancy between price performance and market restraint intrigues analysts. Some see it as the signs of a regime change: a more mature dynamic, supported by solid fundamentals rather than irrational exuberance of technical analysis.