Bitcoin pierced the threshold of $ 111,000 for the first time in history on May 22, printing an average level of $ 111,867 USD on Binance, giving assets market capitalization of around $ 2.22 trillion, i.e. two -thirds of the entire cryptocurrency market. The latest stage of the rally is driven by the strict convergence of catalysts covering institutional flows, corporate balance accumulation and macroeconomic stress installation.

#1 Bitcoin ETF spot influence

From Wall Street to the Blackrock treasury, in the USA ETF Bitcoin turned into a one -way channel of fresh capital. Farside investors reached $ 607.1 million net subscription on May 21, of which the 530.6 million dollars hit Blackrock Ishares Bitcoin Trust (IBIT). This meant that the 11-day prize to over $ 2.7 billion and raised the cumulative net revenues in the intricate of $ 42 billion-unlocked pace for a six-month asset class.

“Over $ 500 million on ETF Bitcoin Ishares … Almost $ 2 USD just in the last week. Impact 26 of the last 27 days. * 7 USD+Bil * in new $$$ general. Considering the volume of rotation today, expect that the number of inflows will increase”, president of the ETF store NATE GREATI. Published On X. Eric Balchunas from Bloomberg added that IBIT publishes “his second largest volume day in history. Classic madness of feeding in a result, the novel ATHS will do it, e.g. last time, when so many traded, it was 1/23 (last ATH). All ETF BTC is elevated, most of them will see 2x medium.

#2 Bitcoin Treasury Companies

Parallel to ETF Torrent, a novel group of stock market companies receives bitcoins as a basic tax resource. In addition to strategies and metaplanets, these companies have bought billions of dollars in Bitcoins in recent weeks. The SPAC agreement worth $ 3.6 billion Cantor Fitzgerald will take twenty -one public capital from over 42,000 BTC in their books, supported by Tether, Bitfinex and Softbank. The second assets management is connected with asset entities in Nasdaq to create something that it calls the first Bitcoin Treasury of the Bitcoin Treasury publicly recorded by Bitcoin, equipped with a live shelf worth $ 1 billion to buy a coin.

Battery-Tech company Kulr Technology Group raised its pile to 800 BTC this week after a novel purchase of $ 9 million. Elsewhere India, Infotrain, Indonesia’s Digiasia Corp, Brazil Fintech Méliuz, French lender Bpifrance and David Bailey Nakamoto Holdings, now connecting with courtesy in order to build “the first decentralized Bitcoin treasury network”, among others, all accumulation strategies in the last month. In total, these companies represent billions of dollars on site, largely demand for price.

#3 Up-to-date narrative: Brewing Macro Storm

The macro background pours fuel onto the fire. Japanese super long government bonds-synonymous with a close zero profitability-they turned out without auction, which caused a 30-year JGB performance to a record of 3.14 %. This movement exacerbates the feedback loop connecting Tokyo and Washington: Japanese institutions belong to the largest foreign owners of the US treasures, and analysts warn that disordered JGB liquidations can force US debt sales, just as the State Treasury must reach about $ 8 trillion this year.

Because the WSJ dollar indicator has fallen by more than 10% compared to peak data in January and CFTC showing the largest speculative miniature position since mid -2012. Investors are throwing at alternatives to sovereign paper. Macro Raoul Pal said: “Bond yields are growing. Usually this is not a good thing … but inflation is constantly falling. History is fluidity. There is a lack of liquidity on the bond market, and when the crops become too high, the government’s reaction function is always in any case to print more money.”

The global liquidity dynamics adds to the matter. Global M2-Agreement of cash in the USA, EURO, China and Japan-Pod End of last year and increased by 3-4 % year-on-year, according to many trackers. Bitcoin flax prices usually delay Global-M2 by about three months; The current rally arrived almost according to the schedule. As noted by the cryptographic analyst Kevin (@kev_capital_ta), “the dollar falls, global liquidity increases, BTC increases.”

For some market veterans, the price actions signal a deeper behavioral change. “We observe how BTC transforms from risk assets into risk assets”, co -founder of multiple capital Tushar Jain wrote After Wednesday’s sale of dollar bonds and sale.

“Today we have seen further proof that the government cannot reduce the budget deficit. The market reacted by selling American treasures, selling USD, selling shares and buying BTC. Transformation is not yet completed. It has added more such days to convince the market that BTC is a risk of exclusion.

During the BTC press it traded on $

A distinguished painting created from Dall.e, chart from tradingview.com