PANews reported on May 23 that Bybit, the world's second largest cryptocurrency exchange by trading volume, today shared its head of derivatives Shunyet Jan's exclusive insights on Bitcoin's record high. Shunyet said that this historic rise is the result of multiple market catalysts and macroeconomic changes, and predicted that as long as the current trend continues, Bitcoin still has room for further growth. "Bitcoin's record high this time marks a major shift in the global financial landscape," Shunyet said. "We are witnessing a rare resonance of regulatory clarity, institutional capital inflows, and macroeconomic changes, which has accelerated the process of mainstream adoption."
Shunyet pointed out that the rise of Bitcoin this time was mainly driven by the following three factors: ① The regulation of stablecoins has become clearer: "A series of comprehensive legislation, including the GENIUS Act, has established a clearer regulatory framework for stablecoins. This has enhanced institutional confidence and laid the foundation for the large-scale application of cryptocurrencies." ② Spot Bitcoin ETFs continue to attract money: "The continued inflow of funds into Bitcoin spot ETFs shows that institutional investors are viewing Bitcoin as a mainstream asset class. Such products provide a regulated investment entry, releasing new sources of liquidity and long-term demand." ③ The weakening of the US dollar and inverse correlation: "As a global asset, Bitcoin is particularly sensitive to macro trends. As the US dollar weakens, Bitcoin is benefiting from its role as a store of value for 'digital gold' and its position is further consolidated."
Although Bitcoin has led the market in this round, Shunyet is cautiously optimistic about the overall crypto market: "Ethereum and other crypto assets with larger market capitalization are expected to benefit from Bitcoin's momentum," he added. "But the current high interest rate environment and continued macro uncertainty may limit the upside of small altcoins in the short term." Looking ahead, Shunyet boldly predicted: "If the current trend continues, our analysis shows that Bitcoin is expected to reach $125,000 by the end of the second quarter. We remain firmly optimistic about Bitcoin's core role in the future financial system." Bybit will continue to provide retail and institutional users with a trustworthy, high-performance trading platform to help users enjoy advanced trading tools and deep liquidity markets.
