Bitcoin continues its upward trend, reaching a daily high of $111,980, setting a new historical record. This breakthrough is mainly driven by expectations of Trump administration policies and institutional funding: the stablecoin bill promoted by the U.S. Senate is seen as a signal for clarification of the regulatory framework, while Strategy (formerly MicroStrategy) plans to continue increasing its Bitcoin holdings by issuing $2.1 billion in perpetual preferred shares, with its holdings valued at over $60 billion. In addition, the net inflow of Bitcoin spot ETFs in the U.S. reached $4.2 billion in a single month, indicating a continued rise in institutional allocation demand. The technical analysis shows that the non-liquid supply of Bitcoin has reached historical peaks, indicating that the upward trend is led by long-term holders rather than short-term speculators.
