Bitcoin reached a historic peak of approximately $112,000 on Thursday, May 22, pushing the world’s leading digital asset into a fresh phase of price discovery after surpassing $109,500 the previous day.

This explosive rally has propelled the total market capitalization of cryptocurrencies to $3.6 trillion. However, this figure remains below the record $3.9 trillion achieved in mid-December, primarily due to sluggish performance from alternative cryptocurrencies (altcoins).

Several factors have bolstered Bitcoin’s momentum, including a more favorable global macroeconomic climate. Renewed U.S. engagement in international economic affairs has strengthened investor confidence, contributing to the bullish trend.

Bitcoin last breached the $100,000 mark on May 8 following a landmark settlement with the United Kingdom, which played a significant role in resolving tensions stemming from Trump’s previous trade war. The agreement included a temporary 90-day suspension of tariffs between the U.S. and China, substantially improving the global economic outlook.

The digital asset then surged to $109,000 just hours before Donald Trump’s presidential inauguration. The new administration’s crypto-friendly stance has further buoyed market sentiment. A key Republican campaign promise—establishing a national Bitcoin strategic reserve—has already been fulfilled, reinforcing Bitcoin’s legitimacy as a macroeconomic tool.

Surge in Bitcoin Derivatives Signals Growing Speculation

Open interest in Bitcoin futures has climbed to record highs as traders bet on further price gains. Data from CoinGlass shows that open interest reached over $80 billion on May 23. Since the start of May, speculative leverage in the Bitcoin derivatives market has increased by 30%, indicating a surge in investor appetite for risk.

Open interest measures the total number of active futures contracts yet to be settled and serves as a barometer for current market speculation and activity.

U.S. Regulatory Clarity Spurs Confidence

Positive legislative developments in the United States have also played a role in Bitcoin’s rally. Bipartisan support for stablecoin regulation, along with broader acceptance of digital assets, has injected renewed vigor into the market.

President Donald Trump signed an executive order endorsing the responsible growth of digital assets across all sectors. During his campaign, he declared his ambition to be the first “crypto president.” He has since hosted the inaugural “crypto summit” at the White House, bringing together influential industry leaders, founders, and major investors.

Institutional Investment Remains Robust

Institutional interest continues to pour into the market, particularly through spot Bitcoin ETFs. Over the past six days, these funds have attracted more than $2 billion in inflows.

Japanese investment firm Metaplanet and Michael Saylor’s company, Strategy, are among the major buyers adding to their Bitcoin holdings. Strategy has acquired 324,000 Bitcoins over the last eight months—outpacing the combined Bitcoin holdings of all other publicly traded companies by over 100,000 BTC.

Thanks to Bitcoin’s latest record high, Strategy’s unrealized profits have soared by roughly $24 billion. According to Saylor Tracker, the company’s holdings are now worth approximately $64 billion.

Retail Interest Still Lags Behind

Despite these milestones, retail investor participation appears muted. On Friday, market activity suggested a subdued retail presence, with online sentiment shifting toward concerns over inflation, potential bear market conditions, and broader macroeconomic instability.

Commemorating Bitcoin Pizza Day

Bitcoin Pizza Day, celebrated on May 22, marks the first documented real-world transaction using Bitcoin. Fifteen years ago, programmer Laszlo Hanyecz paid 10,000 Bitcoins for two pizzas from Papa John’s, valuing the cryptocurrency at just $0.0041 each—roughly $40 in total at the time.

Today, those same 10,000 Bitcoins would be worth around $11 billion, underscoring Bitcoin’s extraordinary growth and enduring cultural significance.

From its humble beginnings as an experiment in digital currency to a trillion-dollar powerhouse influencing global finance, Bitcoin’s trajectory has reached new heights. With institutional adoption deepening and policy support gaining traction, the digital asset’s future appears more promising than ever—even as it navigates the complexities of a dynamic and often unpredictable economic landscape.