Bitcoin hits all-time high, US risks rising accelerate capital inflow | Virtual NISHI

*This report is an article contributed to CoinPost by virtual analyst NISHI (@Nishi8maru) from X-Bank.

Cryptocurrency Market Report (May 23, 8 AM)

On May 22, the virtual currency Bitcoin (BTC) surpassed $110,000 and set a new all-time high. In the U.S. House of Representatives, a large bill that includes an extension of the Trump tax cuts was passed, causing a shake in the credibility of U.S. finances, which created an environment conducive to capital inflow into Bitcoin, considered a “stateless asset.”

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Market situation from May 22 to May 23

Looking at the Bitcoin derivatives market, despite the price being near all-time highs, the divergence between the perpetual futures price and the spot price is small, showing little signs of overheating (red frame in the image below). It can be said that investors are maintaining a sense of calm in their positions.

! On the other hand, if we look at the options market, the open interest in call options has risen significantly. As a result, the put-call ratio (PCR) dropped sharply. It is clear that the investment stance of market participants is suddenly tilting toward bullishness (yellow arrows in the image below).

### Current Analysis (May 23, 8 AM)

Bitcoin is seeing an influx of safe-haven assets, as the credibility of U.S. assets is being shaken by President Trump’s tariff and tax policies and the downgrade of U.S. bonds, resulting in a flight to Bitcoin, which is considered a “stateless asset.”

Additionally, the expectation of the passage of the Bitcoin Reserve Bill in Texas, USA, and favorable policy developments such as Vice President Pence’s speech at “Bitcoin 2025” starting on May 27, are supporting the market.

Feature: Which should you buy, Bitcoin or cryptocurrency-related stocks? An explanation of the advantages and disadvantages.

Important Upcoming Dates

• 5/27 Consumer Confidence Index in the US
• 5/27 Bitcoin 2025, Vice President Harris speech (until 29th)
• May 29 FOMC Meeting Minutes Released

You can find the list of past market reports here.

Contributor: Virtual NISHI Virtual NISHIX-Bank Crypto Analyst. As a collaborator on the production of BTC Status Alert and as a planner and supervisor of DECOCHART, he is also involved in the distribution of investment-related information necessary for the industry in Japan.