The leading cryptocurrency has once again reached a new ATH amid heightened activity from institutional and other large investors.
The price of digital gold peaked at $111,880 in the BTC/USDT pair on the Binance exchange. At the time of writing, the asset is trading around $110,650.
Bitcoin emerged as one of the leaders in daily growth among the top 10 most capitalized coins.
Institutions and Whales
“Bitcoin’s surge above $110,000 is primarily driven by asset accumulation by companies like Strategy, Metaplanet, and Twenty One Capital. […] Unlike previous bull rallies, this time the driving force is institutional and long-term capital, not retail investor speculation,” noted Presto Research analyst Min Jong.
Founded by Michael Saylor, Strategy remains the undisputed leader among public companies with digital gold on their balance sheets.
Recently, the firm acquired 7,390 BTC, increasing its reserves in the leading cryptocurrency to 576,230 BTC.
Vivek Ramaswamy’s Strive Asset Management Strive Enterprises intends to purchase at a discount claims to 75,000 BTC from the bankrupt exchange Mt. Gox to establish a Bitcoin reserve.
Roshan Robert, head of the US division of OKX, stated that the price surge is due to a combination of several factors:
- many firms converting part of their corporate reserves into the leading cryptocurrency;
- growing net inflows into spot ETFs;
- macroeconomic uncertainty;
- “favorable regulatory signals.”
“If you add Bitcoin’s inherent scarcity to all this, you get a perfect storm,” he emphasized.
Jong noted that Presto Research views the current market situation as “the beginning of the game,” considering a “fundamental shift” in institutional perception of Bitcoin.
“The 2025 target of $210,000, first announced at the end of 2024, remains unchanged,” the expert added.
Renowned on-chain analyst Willy Woo wrote that he has never seen “such smooth inflows into BTC.”
I’ve never seen flows into BTC coming in so smooth.
It’s like institutions are dollar cost averaging in with their billions. pic.twitter.com/jyp9IUXPg4
— Willy Woo (@woonomic) May 22, 2025
He suggested that major players are following a DCA strategy, “operating with billions.”
The total cryptocurrency market capitalization stands at ~$3.61 trillion. Bitcoin’s dominance index is 61%, according to CoinGecko.
Back in earlier reports, Blockstream co-founder and cypherpunk Adam Back expressed confidence that the price of digital gold is “unjustifiably low” and could reach between $500,000 and $1 million in the current four-year market cycle.