Bitcoin has once again taken center stage in global financial markets, crossing a major psychological milestone by breaking above $110,000 for the first time in its history. The world’s largest cryptocurrency climbed roughly 3% over the last 24 hours, marking a significant leg up in its ongoing 2025 rally.
The historic breakthrough came late on May 21, with Bitcoin hitting a new all-time high of $110,788.98 on Coinbase just before 11:30 PM UTC, according to TradingView data. This marks a strong rebound from its early April correction, where the asset briefly slipped to around $75,000 following the shockwaves caused by then-President Donald Trump’s sweeping tariff policies, which rattled both traditional and crypto markets alike.
Since that low point on April 7, Bitcoin has surged by over 47%, bringing its year-to-date gains to approximately 17.5%. While that performance might seem modest for a volatile asset like Bitcoin, the rally has taken place amid a broader environment of macroeconomic uncertainty.
What helped fuel this latest run? Ironically, part of the answer lies in the traditional financial markets. On May 21, a disappointing 20-year U.S. Treasury bond auction sent yields soaring, shaking investor confidence. Stock indices like the S&P 500, Dow Jones, and Nasdaq all dipped sharply within the hour, highlighting a flight from traditional risk assets. In contrast, Bitcoin seemed to benefit from the turbulence, underscoring its emerging role as an alternative store of value during times of fiscal uncertainty.
Commenting on the momentum, Caroline Bowler, CEO of Australian crypto exchange BTC Markets, noted that this time feels different from past crypto bull runs. “We’re no longer looking at the same speculative frenzy that defined earlier cycles,” Bowler told Cointelegraph. “Institutional infrastructure is stronger, regulatory visibility has improved, and allocations now resemble those of mature financial products.”
Interestingly, despite the dramatic price action, retail interest seems relatively subdued. Google Trends data reveals that searches for “Bitcoin” have been in decline since November, sitting at levels typically seen during bear markets. Yet, the Crypto Fear & Greed Index painted a different picture, registering a reading of 72—suggesting the market sentiment has clearly tilted into “greed” territory.
Meanwhile, bold individual traders are making headlines of their own. A trader known as James Wynn placed what has now become the largest on-chain margin trade in Bitcoin’s history. Executed on the Hyperliquid platform, Wynn opened a $1.1 billion long position at an entry price of $108,065—using a staggering 40x leverage. As of now, the position boasts an unrealized profit of $20 million but comes with high risk: if Bitcoin drops to $103,800, the position will be liquidated.
Edward Carroll, head of global markets at MHC Digital Group, weighed in on the future of Bitcoin’s price. In his view, the current bullish momentum could continue into the second half of 2025, potentially propelling Bitcoin to $160,000 by year-end. Looking even further ahead, Carroll isn’t ruling out a seven-figure Bitcoin by the end of the decade, projecting a price of $1 million by 2030 if adoption and macro trends remain favorable.
While Bitcoin’s newfound five-digit price tag may have once seemed far-fetched, it now looks like just another stepping stone. With institutional investors growing increasingly comfortable with digital assets, and geopolitical uncertainty pushing alternative assets into the spotlight, Bitcoin’s recent high might not be the top—but merely a new baseline for what’s next.
