Bitcoin continued to rise, reaching a daily high of $111,980, a new all-time high. This breakthrough was primarily driven by expectations of Trump administration policy and institutional funds: the stablecoin bill introduced by the U.S. Senate was seen as a signal of a clear regulatory framework, and Strategy (formerly known as MicroStrategy) planned to continue increasing its Bitcoin holdings by issuing $2.1 billion in perpetual preferred stock, with its holdings estimated at over $60 billion. Furthermore, the U.S. Bitcoin ETF saw net inflows of $4.2 billion in one month, and demand for institutional allocation continued to rise. Technical analysis shows that the illiquid supply of Bitcoin has reached an all-time high, indicating that the rise is driven by long-term holders rather than short-term speculation.
