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Bitcoin has soared to a new all-time high (ATH), vaulting past tech giants Google and Amazon in market cap amid surging institutional demand, led by BlackRock’s Bitcoin ETF.
BTC soared to a record peak of $111,861.22, but has since retraced to trade at $110,732.10 as of 10:41 a.m. EST.
The recent surge in the BTC price not only saw the total crypto market capitalization rise over 4% to above $3.5 trillion, it also saw Bitcoin’s total valuation surpass that of Amazon and Google.
Bitcoin’s current market cap stands at over $2.2 trillion, taking it ahead of Google’s $2.05 trillion and Amazon’s $2.13 trillion, according to Companiesmarketcap.
BlackRock Bitcoin ETF Posts Highest Inflows In 2 Weeks
Bitcoin’s new ATH came as spot Bitcoin ETFs (exchange-traded funds) recorded $607.1 million in net daily inflows on May 21, data from Farside Investors shows.
BlackRock’s Bitcoin ETF, which is the leader in terms of cumulative inflows, maintained its dominance, with $530.6 million flowing into the fund yesterday. This was substantially more than the second-best performer, which was Fidelity’s FBTC with $23.5 million of inflows.
No one has ever lost money buying Bitcoin.
— Michael Saylor (@saylor) May 21, 2025
BlackRock’s Bitcoin ETF also ended up buying more than 10 times the amount of BTC that was produced yesterday. This was after the fund scooped up 4,931 BTC, while miners only produced 450 BTC yesterday.
New Stablecoin Bill Could Trigger A Multi-Year Bull Run
Sentiment was buoyed after the US Congress advanced a key stablecoin bill. Bitwise’s chief investment officer, Matt Hougan, wrote in a recent blog post that the so-called GENIUS bill might spark a ”multi-year” bull run.
“Outside of the January 2024 approval of spot bitcoin ETFs, this is the most important regulatory development in the history of crypto,” he wrote. “It may even be bigger.”
While the bill awaits approval, Donald Trump’s crypto and AI czar David Sacks said in a recent interview with CNBC that the stablecoin bill “is going to pass.”
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