The price of Bitcoin (BTC) recently broke through the $111,000 mark, setting a new all-time high, and the market's bullish sentiment on cryptocurrencies continues to heat up. With the Trump administration's clear support for cryptocurrencies and a massive influx of institutional funds, Bitcoin has once again become the focus of global investors.

Zhitong Finance APP learned that during trading on Thursday, Bitcoin rose 3.3% at one point to $111,878, setting a record high price. Although the gains have since been slightly pared, the overall rally has been strong. Other cryptocurrencies also generally rose, with Ethereum's intraday gains reaching 7.3% at one point.

Investors' optimism comes in part from a stablecoin bill advanced by the U.S. Senate, which is seen by the market as a positive signal that the Trump administration is expected to bring a clearer regulatory framework to the crypto industry. Trump has previously expressed support for the cryptocurrency industry many times and is considered a "pro-crypto" presidential candidate.

Strategy's (MSTR.US) bitcoin purchases also contributed to this round of gains. As of now, it has accumulated holdings of Bitcoin worth over US$60 billion. The company filed documents again on Thursday, planning to further increase its Bitcoin holdings by issuing up to $2.1 billion of 10% perpetual preferred shares. Analysts pointed out that the move demonstrated the institutions' firm confidence in Bitcoin.

At the same time, Twenty One Capital, a new company jointly initiated by Tether, SoftBank and Cantor Fitzgerald, will also follow Strategy's business model to build a "corporate treasury with Bitcoin as its core asset."

In addition, a subsidiary of Strive Enterprises, co-founded by Vivek Ramaswamy, is merging with Nasdaq-listed Asset Entities Inc. with the same goal of establishing a Bitcoin reserve company. Julia Zhou, COO of Caladan Crypto Market Making Company: "Unlike previous bull markets, this round of rise is not driven purely by market sentiment, but is based on a continuous and quantifiable mismatch between supply and demand."

The performance gap between Bitcoin and other “altcoins” is widening. As of 2025, Bitcoin has risen 18% year-to-date, while the index tracking major altcoins has fallen about 40%.

In terms of investment tools, the 12 Bitcoin spot ETFs in the US market attracted a lot of funds, with net inflows of about US$4.2 billion in May alone.

In the options market, earlier this week, traders opened positions in multiple Bitcoin call options worth up to $300,000 on the Deribit exchange. Among them, the open interests of contracts with strike prices of $110,000, $120,000 and $300,000 expiring on June 27 remained high, showing the market's strong expectation for further increases in Bitcoin.

Tony Sycamore, a market analyst at IG Group, said: "The decline from the high in January to the low of $75,000 in April is a technical adjustment in the bull market. Once Bitcoin breaks through the $110,000 mark, the next target will be $125,000."