Bitcoin reached a new all-time high of $111,980 on Thursday, supported by a mix of bullish sentiment, strong institutional accumulation, and vocal political support from former President Donald Trump. The world’s largest cryptocurrency rose as much as 3.4% intraday before pulling back slightly. Ethereum also saw gains of up to 7.3%, lifting the broader crypto market.
The surge comes as optimism around crypto regulation and adoption intensifies. Trump hosted a private dinner event at his golf club near Washington for top holders of his $Trump memecoin, sparking controversy from ethics experts and criticism from lawmakers. The former president doubled down on his crypto support, posting on Truth Social: “The U.S.A. is DOMINATING in Crypto, Bitcoin, etc., and we are going to keep it that way!”
Momentum has been building as a stablecoin bill gains traction in the U.S. Senate, boosting investor expectations of a favorable regulatory framework under a potential second Trump administration. Traders and institutions are increasingly positioning around this shift, with inflows into U.S.-listed Bitcoin ETFs topping $4.2 billion so far in May.
Among the most aggressive buyers is Strategy Incorporated, formerly MicroStrategy. The firm disclosed on Thursday that it plans to raise $2.1 billion via the issuance of 10% perpetual preferred stock to fund more Bitcoin purchases. Strategy now holds over 576,000 BTC, valued above $60 billion.
The rally is also fueled by new entrants replicating Strategy’s approach. Cantor Fitzgerald and SoftBank-backed Tether Holdings are collaborating to launch Twenty One Capital Inc., modeled after Bitcoin treasury strategies. Similarly, Strive Enterprises Inc., co-founded by Vivek Ramaswamy, is merging with Asset Entities to create a Bitcoin-focused financial entity.
Analysts emphasize that this cycle is not purely momentum-driven. Julia Zhou, COO at Caladan, explained that “persistent demand and measurable supply constraints” are key to the ongoing price strength. Joshua Lim of FalconX noted that structured buying from SPACs and other institutional actors is helping sustain upward pressure.
Bitcoin’s dominance is rising even as altcoins struggle. An index tracking smaller tokens is down about 40% year-to-date, while Bitcoin has climbed 18% in 2025. In derivatives markets, traders continue to bet big on future price moves. Deribit data shows open interest concentrated in calls expiring June 27 at $110K, $120K, and even $300K strike prices.
IG’s Tony Sycamore commented that the move above $110K confirms Bitcoin’s recovery from its January peak and April lows below $75,000, calling it a correction within a broader bull market. He added that a confirmed breakout above $110,000 could trigger a run toward the next major level at $125,000.
With macro sentiment, political endorsement, and institutional allocation aligning, Bitcoin’s ascent appears to be grounded in more than just hype—this rally may be structurally stronger than past cycles.
Disclaimer
This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency markets are volatile and involve substantial risk. Always conduct your own research or consult a licensed financial advisor before making any investment decisions.
