Bitcoin Hits New All-Time High as ETF Inflows Surge

Market Highlights

• BTC posts its seventh straight week of gains and a new all-time high of US$111,917
• ETH climbs +2.15%, recording its strongest ETF inflows in five months
• COOKIE and HYPE lead this week’s altcoin rally
• SUI plunges after a US$200M DEX hack rattles ecosystem confidence
• US Senate passes GENIUS Act, laying foundations for stablecoin regulation

Bitcoin (BTC)

Bitcoin (BTC) has extended its incredible run with a seventh consecutive week of gains. It opened the week at US$106,174 and climbed +2.45% to close at US$109,095, marking yet another record for its highest-ever weekly close. The rally peaked midweek as BTC reached a new all-time high of US$111,917, fittingly on the 15th anniversary of Bitcoin Pizza Day. 

Momentum cooled on Friday after President Trump announced plans to impose a 50% tariff on EU imports, sparking a broader risk-off move and pulling BTC -1.8% to around US$108,531.

In addition to its price action, Bitcoin also hit several major milestones this week. It is now the fifth-most valuable asset in the world, overtaking Amazon in market capitalisation. On the currency front, it surpassed the Taiwan Dollar, making it the eighth-largest currency globally by market cap.

Much of this rally is being fuelled by demand for Bitcoin ETFs. According to Farside data, spot Bitcoin ETFs pulled in US$2.75 billion in inflows this week, a significant jump from US$608 million the week prior. With more than US$5.4 billion already pulled in this month, May is on track to potentially surpass the record set in November 2024.

Ethereum (ETH)

Ethereum (ETH) followed Bitcoin’s lead this week, posting a steady gain of +2.15%. It opened at US$2,500 and closed the week at US$2,551, continuing its gradual recovery. Like BTC, ETH saw a slight pullback toward the end of the week amid macro uncertainty triggered by Trump’s tariff announcement.

Institutional interest in ETH also appears to be picking up. ETH ETFs recorded over US$110 million in inflows on Thursday, marking the highest daily total in the past five months. This spike in interest could be a sign that ETH is finally beginning to shake off its underperformance and align more closely with Bitcoin’s institutional narrative.

Altcoins

It was a strong week across the board for altcoins, with several standout performers making headlines.

This week’s biggest gainers:

• Cookie DAO (COOKIE) surged +84% following the launch of its v1.0 Alpha and a new feature called "Cookie Snaps", which rewards users for posting crypto-related content on X.
• Hyperliquid (HYPE) surged +44.20%, continuing its breakout run as one of the most talked-about decentralised exchange (DEX) projects of the moment.
• Worldcoin (WLD) rallied +20.73%, bolstered by news of a US$135 million token sale to prominent investors including Andreessen Horowitz (a16z) and Bain Capital.
• Aave (AAVE) recorded its seventh consecutive week of gains, rising +16.09%. The protocol now accounts for 20% of total DeFi TVL, with more than US$24 billion locked, making it the largest DeFi protocol by TVL.

This week’s biggest losers:

• Sui (SUI) dropped -8.78% following a US$200 million exploit on its largest decentralised exchange, Cetus. The attack, attributed to oracle manipulation, triggered sharp losses across the broader Sui ecosystem.

Other Crypto News

• The US Senate passed the GENIUS Act, establishing a framework for federal stablecoin regulation. This is a major step forward in bringing clarity and oversight to the rapidly growing stablecoin sector.
• Major US banks, including JPMorgan and Bank of America, are reportedly exploring a joint stablecoin initiative. With the GENIUS Act setting a regulatory foundation, traditional financial institutions are now positioning themselves to compete with market leaders like Circle and Tether.
• Hong Kong passes new stablecoin licensing law, requiring fiat-referenced stablecoin (FRS) issuers to obtain a licence from the Hong Kong Monetary Authority (HKMA). The move supports Hong Kong’s ambitions to become a digital asset hub while addressing investor protection and financial stability concerns.
• Texas is on the verge of becoming the first US state to establish a Bitcoin reserve. A bipartisan bill has passed both chambers of the state legislature and now awaits final concurrence before it can become law.
• Strategy (formerly MicroStrategy) announced plans to raise US$2.1 billion through a new preferred stock offering, further reinforcing its long-term Bitcoin accumulation strategy.

Looking Ahead

With May nearly over, attention now turns to whether Bitcoin ETFs will break the monthly inflow record. Bitcoin’s status as a macro asset continues to grow, and altcoins are starting to follow its lead with broader sectoral strength.

However, macro risks remain in sharp focus. Trade tensions, regulatory shifts, and key economic data releases could inject fresh volatility into the market. Several major events are on the calendar this week:

• FOMC Minutes – Releasing Wednesday, 28 May. Markets will be watching for clues on the Fed’s rate outlook and broader monetary policy tone.
• Revised US Q1 GDP Figures – Due Thursday. Initial readings showed a contraction, raising concerns about a possible recession.
• PCE Inflation Data – Set for release on Friday, 30 May. This is a closely watched gauge of inflation and could influence interest rate expectations.
• NVIDIA Earnings – Scheduled for Wednesday, 28 May. With NVIDIA’s role in the AI boom, its results may impact sentiment in both tech and AI-related crypto sectors.
• Bitcoin 2025 Conference – Running 27–29 May in Las Vegas, this flagship event will feature speakers including Michael Saylor, Cynthia Lummis, JD Vance, David Sacks, and Ross Ulbricht, and could serve as a narrative catalyst for the broader Bitcoin ecosystem.