Bitcoin has once again set a new all-time high, rising 5% in the past 24 hours to break through $111,800, with its market capitalization surpassing $2.2 trillion for the first time. Analysts at ZSVEX Exchange point out that this rally is not just a breakthrough in price, but also reflects fundamental changes in capital structure and market sentiment—this time, the surge is being driven by rapidly consolidating institutional and long-term capital.

Yesterday, US spot Bitcoin ETFs saw a single-day net inflow of $614 million, drawing renewed attention to the resurgence of institutional participation. Data shows that current ETF products have accumulated assets exceeding $68 billion, making them a key driver of the Bitcoin liquidity and market cap expansion. Compared to the 2021 bull run, which was led by retail enthusiasm, this cycle is underpinned by deeper changes in capital structure. Institutions such as Strategy, Metaplanet, and Twenty One Capital continue to acquire Bitcoin as part of their corporate reserves, reflecting the transition of crypto assets from speculative instruments to “digital gold”. This trend not only stabilizes market expectations but also provides a stronger fundamental support for the BTC price ceiling.

On the macro front, an uncertain interest rate trajectory and persistent inflationary pressures have further enhanced the Bitcoin appeal as a hedge. With the Federal Reserve adopting a more dovish policy stance, risk aversion has prompted institutions to adjust their asset allocation structures, incorporating digital assets into their medium- and long-term portfolios. This phenomenon is particularly evident among professional users on ZSVEX Exchange, where metrics such as concentration of futures positions, stablecoin inflow ratios, and order book depth have all increased, confirming the bullish outlook among institutional investors.

Market anticipation for the “next round of crypto regulatory frameworks” also provides emotional support. As regulators in multiple countries advance the compliance process for ETF products, their cautious stance toward tradable crypto assets is gradually shifting, allowing for smoother inflows of legitimate capital. Together, these signals are fueling the upward momentum of Bitcoin and sustaining market confidence in future performance.

During the Bitcoin surge past $110,000, several on-chain indicators show that retail activity has not risen in tandem. In contrast, metrics such as long-term address activity and average holding periods are climbing, indicating that this rally is predominantly led by patient, strategic capital. On-chain data reveals that the number of new Bitcoin addresses over the past 30 days has grown by less than 10%, while the proportion of long-term holders in UTXO (Unspent Transaction Output) distribution has reached a historic high of 78.5%. This means the price increase is not accompanied by short-term speculative behavior—a characteristic that often signals a more sustainable rally.

This trend is not only evident in mainstream markets but is also emerging in Asian markets, where capital restructuring is becoming increasingly apparent. According to ZSVEX Exchange data, the number of new high-net-worth users on the platform has increased by 72% year-on-year since April, and for the first time, institutional accounts now account for over 35% of trading volume. This shift indicates that ZSVEX Exchange has become the preferred platform for institutional investors in the Asia-Pacific region to allocate crypto assets.

Currently, ZSVEX Exchange is continuously advancing the technical iteration of its trading systems and futures products, supporting the needs of quantitative high-frequency trading and multi-strategy hedging models, with the aim of providing institutional users with more efficient and stable trade execution in highly volatile market environments. On the market expansion front, ZSVEX Exchange has engaged with regulatory authorities in Japan, South Korea, and Singapore during the first quarter, successfully completing audits and obtaining legal operating qualifications. Meanwhile, average daily trading volume in the Asia-Pacific market has surged by 186% year-on-year, making ZSVEX the fastest-growing cryptocurrency exchange in the region.

The latest all-time high of Bitcoin marks a structural turning point for the crypto market. With the combined forces of ETF capital, corporate and government reserves, macro hedging, and regulatory tailwinds, BTC is no longer just a price ticker—it is becoming the symbol of a new digital reserve asset. ZSVEX Exchange believes that what truly determines the value of an asset is not short-term price fluctuations, but whether it can continuously attract investors with a long-term strategic vision. Just as the stock market once misunderstood the value of the internet, cryptocurrencies are reshaping the logic of asset valuation. In the face of a new era of asset systems and investment paradigms, what is needed most is not emotional chasing of price rallies, but a rational understanding of asset fundamentals—and ZSVEX Exchange is committed to helping investors see through to the true logic of value investing.