Bitcoin Blasts To $111,867 All-Time High—Here’s What’s Driving The Surge
Bitcoin reached an all-time high of $111,867 on May 22, 2023, with a market capitalization of approximately $2.22 trillion. This surge is driven by significant institutional investments, particularly in US spot Bitcoin ETFs, which saw $607.1 million in net subscriptions on May 21, including $530.6 million into BlackRock’s iShares Bitcoin Trust. Cumulative net inflows across Bitcoin ETFs surpassed $42 billion. Additionally, several companies are adopting Bitcoin as a primary treasury asset, with notable purchases from firms like Twenty One Capital and KULR Technology Group. Macroeconomic factors, including rising bond yields and declining dollar value, are pushing investors towards Bitcoin as an alternative asset. Analysts suggest that Bitcoin is shifting from a risk-on to a risk-off asset, reflecting changing market dynamics and liquidity conditions.
