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Bitcoin has surpassed a new all-time high of over $111,000, but without the usual turmoil of an overexcited market. On May 22, 2025, the ascent of the crypto queen took place in a disconcerting calm, far from the speculative fervors of the past. Such a discrepancy between price performance and market restraint intrigues analysts. Some see it as the signs of a regime change: a more mature dynamic, supported by solid fundamentals rather than irrational exuberance.
In Brief
- Bitcoin reaches a new all-time high above $111,000 on May 22, 2025, without triggering market euphoria.
- Unlike previous cycles, the current rise occurred without massive leverage or excessive speculation.
- Analysts note an absence of FOMO, seen as a potential bullish signal for the coming months.
- In the absence of euphoria, macroeconomic and on-chain signals suggest a continuation of the rise on healthier bases.
An ascent without euphoria : a surprisingly rational market
The recent peak reached by bitcoin at over $111,000 was accompanied by a rare phenomenon in crypto history: the near-total absence of market euphoria.
An observation shared by several analysts, including economist Alex Krüger, who did not hesitate to describe this episode as “the least euphoric new all-time highs” in a message on the social network X (formerly Twitter) on May 22, 2025.
In other words, never before has a historical high been reached with so little excitement. Market data confirms this. The key points to remember are :
- Very low funding rates: aggregated data from Coinalyze reveals that Bitcoin futures funding rates are significantly lower than those seen during the peaks of March and November 2024. The rate was six times higher in Q1 and three times higher in Q4 2024. This low level reflects very low leveraged speculative activity.
- A rally driven by spot buying : unlike previous cycles, this rise seems mainly fueled by spot market buyers rather than leveraged traders. This reduces the risk of sharp corrections linked to mass liquidations.
- Moderate profit-taking : Glassnode reports that the profit volume during the May 21, 2025 ATH was only $1 billion, less than half of the $2.1 billion recorded when surpassing $100,000 in December 2024.
- Confident long-term holders : this behavior suggests that long-term investors are holding their positions in bitcoin, betting on a medium-term continuation of the rise.
This context reflects a significant evolution in crypto investor profiles. Caution prevails over frenzy, and this more disciplined rise could prove to be a more solid foundation for the market than the parabolic surges of the past.
Waiting Liquidity: Bullish Potential Still Intact
Alongside this surprising market rationality, another indicator fuels analysts’ optimism: the availability of significant liquidity reserves ready to be injected into the crypto ecosystem.
The stablecoin market is one of the clearest signals. This year, their capitalization increased by 14 %, with Tether (USDT) rising from $139 billion to $152 billion and USD Coin (USDC) up 35 %, to $58 billion.
Indeed, these assets, often used as an entry point into cryptos, represent a still largely underutilized striking power, likely to fuel a new wave of purchases in the coming months.
Moreover, global money supply (M2) growth increased by 5 % in Q1 2025. This rise, due to flexible monetary policies in the United States, Europe, and Japan, strengthens the prospects of a capital influx toward these assets.
There is a correlation greater than 80 % between bitcoin price evolution and global liquidity, with a lag of about 60 days, which suggests a strengthening of demand in the near future.
While this combination of signals does not imply an automatic price increase, it forms fertile ground for a new bullish market phase. The current absence of frenzy could paradoxically represent an opportunity : that of a more sustainable progression, driven by less speculative investors and better calibrated capital inflows. Ultimately, bitcoin seems to be moving away from its past excesses to enter a more structured growth phase, in a context where some observers do not rule out an extreme valuation scenario of $500,000.
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Diplômé de Sciences Po Toulouse et titulaire d’une certification consultant blockchain délivrée par Alyra, j’ai rejoint l’aventure Cointribune en 2019.
Convaincu du potentiel de la blockchain pour transformer de nombreux secteurs de l’économie, j’ai pris l’engagement de sensibiliser et d’informer le grand public sur cet écosystème en constante évolution. Mon objectif est de permettre à chacun de mieux comprendre la blockchain et de saisir les opportunités qu’elle offre. Je m’efforce chaque jour de fournir une analyse objective de l’actualité, de décrypter les tendances du marché, de relayer les dernières innovations technologiques et de mettre en perspective les enjeux économiques et sociétaux de cette révolution en marche.
DISCLAIMER
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
