Bitcoin is having a milestone week. Here are the headlines that are moving the market right now:
1. New all-time high above $109 K
Bitcoin briefly spiked to an unprecedented $109,500 late on 21 May, eclipsing its January peak. The rally adds roughly 35 % in the past month, reversing the April slump driven by tariff fears.
2. Washington’s “GENIUS Act” clears a key Senate hurdle
The bipartisan stable-coin bill advanced out of a filibuster on 20 May, putting the first comprehensive U.S. crypto-asset law on a fast track for a floor vote. Analysts see the prospect of clear rules—and the implied seal of legitimacy from Congress—as the single biggest catalyst behind the current bid.
3. Spot-ETF demand roars back
• Net inflows: $667 M on 19 May, the largest single-day haul since early May
• Month-to-date: > $3.6 B, already the strongest month since the products launched in January
Share-class creations for BlackRock’s IBIT and Fidelity’s FBTC dominated the surge, with futures spreads (the “basis trade”) flirting with 9 % annualised—enticing hedge-fund capital back into the trade.
4. Corporates keep stacking sats
Strategy (formerly MicroStrategy) added another 13,390 BTC last week, and energy-storage firm KULR Technology Group disclosed an $9 M purchase that lifts its treasury to ~800 BTC. Corporate treasuries now hold roughly 390 K BTC (~3 % of supply).
5. Security reminder after Coinbase breach
Coinbase says insider bribery led to a data theft affecting up to 97 K customers and could cost $180 M – $400 M to rectify. No crypto was stolen, but the episode rekindles debate over custodial risk just as mainstream adoption accelerates.
Why it matters:
- A record high price during a regulatory breakthrough signals that Bitcoin may be decoupling from the “risk-asset” narrative and gaining policy-level acceptance.
- ETF flows show deepening institutional conviction; if the GENIUS Act passes the House, analysts expect pension funds bound by regulatory clarity to begin allocating.
- Corporate treasuries continue to remove supply from the open market, amplifying the post-halving supply squeeze.
- Security lapses at major venues underline the importance of self-custody and reputable custodians, especially as newcomers enter via ETFs.
Keep in mind that crypto remains volatile: today’s price jump of ≈ 2 % intraday came after a $3 K whipsaw inside 24 hours. Manage position sizing accordingly.