Bitcoin Hits Record $111K as Institutional Demand Surges

Bitcoin (BTC) surged past $111,000 for the first time early Thursday, marking a new all-time high as institutional demand continues to drive momentum. According to CoinGecko data, BTC jumped nearly 3.5% to reach $111,878 during Asian trading hours, boosting the total crypto market cap by 1.7%. In contrast, altcoins like XRP and Dogecoin saw minimal movement.

The rally is being fueled not only by crypto-native investors but increasingly by large institutions and publicly traded companies. These firms are leveraging capital markets to raise funds and acquire Bitcoin as a treasury reserve asset, signaling a growing shift in mainstream financial strategy.

Jeff Mei, COO at BTSE, emphasized in a Telegram message that institutional inflows are a key driver behind the recent gains. “We believe this trend will persist, especially with ETF demand remaining strong. In May alone, net inflows into Bitcoin ETFs totaled $3.6 billion,” he said.

Options markets reflect bullish sentiment as well. Deribit data shows that contracts with strike prices at $110,000, $120,000, and even $300,000 expiring in late June hold the highest open interest, indicating trader expectations for further upside.

JPMorgan Chase, the largest U.S. bank, now reportedly offers Bitcoin access to clients, underscoring a significant shift in traditional finance’s stance on crypto. “This move legitimizes Bitcoin further and could compel other banks to follow,” noted Ryan Lee, chief analyst at Bitget Research.

Despite macroeconomic challenges like rising bond yields, geopolitical tensions, and a U.S. credit rating downgrade, BTC has demonstrated strong resilience. According to QCP Capital, a breakout to new highs could trigger fresh FOMO and attract sidelined retail investors, pushing prices even higher.