Crypto’s Leading Asset Breaks Previous Record as Institutional Demand and Market Volatility Align
Bitcoin (BTC) has reached a historic milestone, breaking past $110,000 for the first time ever following a 3% gain in the last 24 hours, according to TradingView data.
On May 21, just before 11:30 pm UTC, Bitcoin hit a new all-time high of $110,788.98 on Coinbase, surpassing its earlier daily high of $109,458 — and eclipsing its long-standing peak from January 20.
Bitcoin is now up 17.5% year-to-date, and 47% from its April 7 low of $75,000, which was triggered by a wave of risk-off sentiment following U.S. President Donald Trump’s sweeping tariff announcements that rattled global markets.
Bitcoin Climbs While Stocks Stumble
The price surge came as traditional markets faltered. A disappointing 20-year U.S. Treasury bond auction sent yields soaring on May 21, and U.S. stock indices sharply dropped:
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The S&P 500 fell 80 points within half an hour.
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The Dow Jones and Nasdaq also traded down on the day.
Despite the equity market volatility, Bitcoin rallied — reinforcing its narrative as an alternative store of value in periods of macroeconomic instability.
“This reflects a mature interest in digital assets worldwide, not the speculative surge seen in past cycles,” said Caroline Bowler, CEO of BTC Markets.
“Today’s demand is driven by institutional-grade infrastructure and stronger regulatory clarity.”
Sentiment Strong, But Retail FOMO Is Absent
Despite Bitcoin’s price reaching new highs, Google Trends data shows that search interest in “Bitcoin” remains low, comparable to crypto bear market levels — signaling that the retail crowd has yet to return.
Meanwhile, the Crypto Fear & Greed Index stood at 72/100 on May 22, indicating “greed” but still below its 2025 peak of 84 recorded on Jan. 22, shortly after Trump’s inauguration.
Edward Carroll of MHC Digital Group told Cointelegraph:
“If institutional inflows continue at the current pace, Bitcoin could reasonably reach $160,000 by Q4 and possibly $1 million by 2030.”
Largest Onchain Leverage Trade Tops $1.1 Billion
As Bitcoin soared past $110,000, crypto trader James Wynn made headlines with what is now the largest onchain margin position on platform Hyperliquidity.
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Wynn entered a 40x leveraged long position at $108,065.
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The trade is currently showing an unrealized profit of $20 million.
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The position faces liquidation if Bitcoin drops to $103,800.
Final Thoughts: Momentum Builds Toward Q3 and Beyond
Bitcoin’s latest milestone caps off six consecutive weeks of gains and signals growing institutional appetite amid macroeconomic uncertainty.
With ETF inflows continuing, traditional finance participation rising, and retail attention still subdued, the current rally appears structurally different from previous bull cycles — potentially laying the groundwork for further upside in the second half of 2025.
As investors reassess risk assets, Bitcoin is increasingly seen not just as a speculative tool, but as a strategic macro hedge in the evolving digital economy.
