Bitcoin has crossed a new historic summit at more than $ 111,000, but without the usual tumult of the overexcited market. This May 22, 2025, the ascent of the Crypto Reine took place in confusing calm, far from the past speculative effervescences. Such a discrepancy between price performance and market deduction intrigues analysts. Some see it as the beginnings of a regime change: a more mature dynamic, supported by solid fundamentals rather than by irrational exuberance.
In short
- Bitcoin reaches a new historic summit at more than $ 111,000 on May 22, 2025, without causing euphoria on the markets.
- Unlike previous cycles, the current increase occurred without massive lever or excessive speculation.
- Analysts note an absence of FOMO, considered as a potential bullish signal for the coming months.
- In the absence of euphoria, macroeconomic signals and on-chain let the increase in the rise on healthier bases.
An ascent without euphoria: an surprisingly rational market
The recent summit reached by Bitcoin at more than $ 111,000 was accompanied by a rare phenomenon in the history of crypto: the almost total absence of euphoria on the market.
An observation shared by several analysts, including economist Alex Krüger, who did not hesitate to qualify This episode of “New historical summits the least euphoric” In a message on social network X (ex Twitter) on May 22, 2025.
In other words, a historic summit had never been reached with so little runaway. Market data confirm this. The important facts to remember are:
- The very low financing rate: The aggregated data from Coanyze reveal that Bitcoin term financing rates are significantly lower than those observed during the peaks of March and November 2024. The rate was six times higher in the first quarter and three times higher in the fourth quarter 2024. This low level translates a very low speculative lever activity.
- A rally carried by Spot purchases: unlike previous cycles, this increase seems to be supplied mainly by buyers of the cash market, not by leverage traders. This reduces the risk of brutal corrections linked to massive liquidations.
- Moderate profits: Glassnode report that the volume of profit during the ATH of May 21, 2025 was only $ 1 billion, less than half of the 2.1 billion recorded when crossing the $ 100,000 in December 2024.
- Confident long -term holders: this behavior suggests that long -term investors retain their positions on Bitcoin, and bet on the continuation of the increase in the medium term.
This context reflects a significant development in the profile of Crypto investors. Prudence prevails over the frenzy, and this more disciplined rise could prove to be a more solid base for the market than the parabolic thrusts of the past.
Pending liquidity: a bull potential still intact
In addition to this surprising rationality of the market, another indicator feeds the optimism of analysts: the availability of important liquidity reserves ready to be injected into the crypto ecosystem.
The Stablecoins market This is one of the most readable signals. This year, their capitalization increased by 14 %, with a Tether (USDT) which increased from $ 139 to 152 billion and an USD Coin (USDC) up 35 %, or 58 billion.
Indeed, these active ingredients, often used as an entry to cryptos, represent a still largely underused hitting force, likely to feed a new wave of purchases in the coming months.
In addition, the growth of the global money supply (M2) increased by 5 % in the first quarter of 2025. This increase, attributable to flexible monetary policies in the United States, Europe and Japan, strengthens the prospects for an influx of capital to these assets.
There is a correlation greater than 80 % between the evolution of the price of bitcoin and that of global liquidity, with a discrepancy of around 60 days, which suggests a strengthening of demand in the near future.
If this conjunction of signals does not imply an automatic price increase, it constitutes a fertile ground for a new bull market phase. The current absence of frenzy could paradoxically represent an opportunity: that of a more sustainable progression, carried by less speculative investors and better calibrated capital entries. Ultimately, bitcoin seems to move away from its past excesses to approach a more structured growth phase, in a context where certain observers do not exclude An extreme valuation scenario at $ 500,000.
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