Bitcoin (BTC) reached a new all-time high of $109,400 on Wednesday, surpassing its previous peak from January, according to the CoinDesk Bitcoin Index. The cryptocurrency surged over 46% from its April low, which was influenced by global trade war concerns and U.S. tariffs.
Spot Bitcoin ETFs saw $3.6 billion in net inflows in May, signaling renewed investor interest. Bitcoin-focused treasury companies, including Michael Saylor's Strategy and Twenty One Capital, contributed to the buying activity, driving BTC to its record high.
Positive regulatory developments in the U.S., such as the Senate advancing a bill to regulate stablecoins, have also bolstered the market. Analysts suggest this rally is more sustainable due to favorable financial conditions and stablecoin flows.
Several states and sovereign nations are progressing with legislation to establish Bitcoin reserves. This indicates a stronger foundation compared to previous peaks.
This article is based on our author's analysis of materials taken from the following resources: CoinDesk.