Bitcoin hit an all-time high of US$110,724 (A$171,622) on Thursday, vaulting past key resistance levels as institutional appetite, favourable policy shifts and surging ETF inflows turbocharge the flagship cryptocurrency’s momentum.
The milestone – hit 15 years after the first commercial BTC transaction – pushes Bitcoin’s total market capitalisation past US$2.15 trillion, highlighting its rise from fringe asset to financial heavyweight.
Spot Bitcoin ETFs spark mainstream inflows
Bitcoin’s breakout, powered by unprecedented institutional inflows into newly regulated exchange-traded fund (ETF) vehicles, reflects a structural evolution as the asset class has matured to gain a firm foothold in traditional portfolios.
Since the US Securities and Exchange Commission approved them in early 2024, US-listed spot ETFs have attracted increasing investor demand. In the first quarter of 2025, they drew more than US$431 billion in net inflows in first-quarter 2025 alone.
Analysts note that these instruments have broadened market access and opened the door for a new wave of institutional and sovereign players.
“Bitcoin’s climb past USD$110K reflects how far the asset has come in terms of trust, accessibility and maturity,” said James Quinn-Kumar, director of community engagement at Binance Australia and New Zealand.
“It’s no longer just for early adopters or crypto ‘whales’,” he added. “Bitcoin has become a strategic asset for institutions, companies and everyday investors alike. This milestone firmly cements its place in the financial mainstream.”
Notable investors include Abu Dhabi’s sovereign wealth fund, the Swiss National Bank, and corporate titans such as MicroStrategy – now holding more than 576,000 BTC – along with Tesla, Block, and Metaplanet.
These players are either increasing ETF exposure or adding BTC directly to their balance sheets, signalling growth in crypto as a store of value.
Tightening supply, technical strength support price action
The April 2024 halving, which slashed the block reward from 6.25 to 3.125 BTC, continues to tighten supply dynamics – amplifying upward price pressure.
Reece Hobson, a crypto analyst at eToro Australia, attributed Bitcoin’s latest surge to multiple catalysts.
“Institutional inflows, particularly through US spot Bitcoin ETFs, have pumped US$2.8 billion into the market in May alone, with total ETF assets exceeding $122 billion,” he said. “To put that into perspective, an estimated US$150 billion-$225 billion has been invested in gold ETFs since 2003.”
Macroeconomic factors including global liquidity growth and a weakening dollar amid US-China trade tensions have also added to Bitcoin’s appeal as a hedge, Hobson said, while large institutional investors have underscored corporate confidence.
“If bullish momentum persists, I project a move toward US$130,000-$155,000, with some speculating it could reach US$174,000 or higher,” he said.
Regulatory relief and risk rotation drive demand
Another key to Bitcoin’s surge has been the crypto-friendly turn US policy has taken in recent months. After April’s volatility – when new US tariffs briefly pushed BTC as low as US$74,000 – markets bounced back sharply following a Trump administration pause on those measures.
Recent reforms have eased reporting requirements for digital assets and removed banking restrictions on crypto-related businesses, clearing a path for wider institutional participation.
Meanwhile, rising macro uncertainty and inflation fears are prompting investors to pivot from speculative altcoins into established “blue chip” digital assets like Bitcoin and Ethereum. Increasing correlation with rising gold prices has further bolstered Bitcoin’s credentials as a safe-haven hedge.
‘From pizza to portfolios’: The long view
Though largely symbolic, Bitcoin’s record high landing on Bitcoin Pizza Day underscores how dramatically the landscape has shifted since 2010, when 10,000 BTC were famously traded for two pizzas—worth just US$41 at the time. As Quinn-Kumar pointed out, that stash would now fetch over US$1 billion.
“It’s hard to think of a better illustration of Bitcoin’s rise,” he said. “We’ve gone from pizza purchases to portfolio allocations. That’s a signal of profound market evolution.”
