That yellow trace you see is Bitcoin’s decade-long roller-coaster now cresting the six-figure mark. After hitting a closing high of US$107,311 on 25 May 2025 – barely three days after recording an intraday record of US$111k on Pizza-Day’s 15th anniversary – the asset’s log chart reads like a history of four bruising boom-and-bust cycles.
Three take-aways
Fresh record, deeper liquidity – The May spike to US$111k sets a new all-time high and arrives with the heaviest spot-market volumes since 2021.
ETFs eclipse gold – US spot and derivative Bitcoin ETFs now command US$129 billion in assets, overtaking gold funds for the first time and broadening access for mainstream investors.
Corporate coffers filling with coins – Public companies collectively hold roughly 580,000 BTC (about US$62 bn at current prices-), led by Strategy (ex-MicroStrategy) and a growing cast of copy-cats.
Why this chart matters
Portfolio managers: With regulated ETF rails in place, Bitcoin is slipping from “exotic risk asset” to an asset-allocation debate. Expect closer scrutiny of its correlation and drawdown stats.
CFOs and Treasurers: Swapping idle cash for BTC may thrill shareholders in a bull market, but six-figure coins also amplify mark-to-market swings and hedging headaches.
Regulators and policy makers: Crypto’s seepage into pensions and balance-sheets tightens the link between TradFi and digital assets, raising fresh questions about systemic risk and prudential rules.
Bottom line: Four brutal cycles have carved out a hardened investor base for Bitcoin, and ETFs have normalised on-ramp liquidity. Yet the real test is whether Bitcoin can hold the US $100k line when the music stops.
Is this crypto’s graduation to macro main-stage, or just the latest spin on the Bitcoin carousel?
Let me know below in the comments.
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