Bitcoin's value soars to a historic peak of $111,544 during trading hours in Asia on May 22.
The world's largest cryptocurrency, Bitcoin, achieved an unprecedented milestone on May 22, 2025, reaching an all-time high of $111,544 during Asian trading hours. Resilient investor interest and a series of macroeconomic factors have been driving forces behind this surge.
As previously recorded highs were left in the dust, Bitcoin, the unwavering currency, accelerated past the $109,800 mark to touch the new record of $111,544 during the early hours of May 22. This upward trend followed a brief dip to $106,000, signifying a growing appetite for alternative assets amid rising economic uncertainty.
Experts attribute the immediate catalyst for this price escalation to the weak demand in the U.S. Treasury's $16 billion 20-year bond auction held on May 21. Investors, seeking refuge from the bond market's instability, pushed for lower bond prices. Consequently, yields soared above 5.1%, with U.S. Treasury yields for both the 10-year and 30-year securities climbing to 4.58% and 5.08%, respectively. Moreover, Japan's 30-year yield astoundingly jumped to a record high of 3.19%, hinting at global anxiety surrounding traditional financial instruments.
"The apprehension stretches beyond U.S. debt; it's a global concern," experts at The Kobeissi Letter remarked on May 21. They highlighted that government bonds, once a pillar of stability in turbulent markets, were failing to meet expectations as safe-havens. Consequently, investors have been flocking to alternatives like Bitcoin, which have gained recognition as hedges against inflation, fiscal instability, and currency devaluation.
Supporting this rotation toward Bitcoin, its realized market cap passed $912 billion, marking a notable $27 billion capital inflow since early May. Exchange inflows have fallen by 82% since November, suggesting that fewer holders are choosing to sell, reinforcing the demand-driven rally. Simultaneously, Tether (USDT) balances on exchanges—seen as a proxy for crypto buying power—reached a record-breaking $46.9 billion.
Institutional demand has also been steadily rising. Over the past month, Bitcoin exchange-traded funds (ETFs) have seen over $4.24 billion in inflows, supporting the upward price momentum for the cryptocurrency. Additionally, public companies now hold 15% of all Bitcoin in circulation, underscoring the digital currency's burgeoning role as a macro hedge.
Despite the recent uptrend, the Bitcoin Network Value to Transactions (NVT) Golden Cross, a metric used to determine if the asset is overpriced, remains fixed at a value of 1.5. This has yet to break into the overbought zone, an indication that the cryptocurrency may still have room to grow, further fueling its price increases.
Given the current market dynamics, with robust institutional demand, anxieties in the bond markets, and Bitcoin's appealing qualities as a hedge against global uncertainties, analysts remain optimistic. Some projections even predict a price target as high as $150,000 or more.
Bitcoin's all-time high of $111,544 was reached amid growing investor interest and economic uncertainties, with experts attributing the surge to a weak demand in the U.S. Treasury's 20-year bond auction and global concerns over traditional financial instruments. As a result, institutional demand for Bitcoin has been steadily increasing, pushing the cryptocurrency's realized market cap to $912 billion and causing Tether (USDT) balances on exchanges to reach a record-breaking $46.9 billion. Analysts remain optimistic about Bitcoin's future, with some projecting a price target as high as $150,000 or more.
