In 2025, the price of Bitcoin remained steady at the $100,000 mark for 30 consecutive days. Is this the end of the current bull run, or the beginning of a larger scale pump?

The U.S. consumer price index rose to 2.5% year-on-year (CPI) in May, but the market reaction was unusually calm. Bitcoin, other cryptocurrencies and the stock market together remained stable and did not experience wild swings. It's not that the market is numb, it's that investors have come to see mild inflation as the "new normal" – the real factors influencing price action have now shifted to interest rate policy changes, ETF flows, and the global macroeconomic environment.

Institutional investor confidence is rising comprehensively, and Bitcoin is receiving unprecedented recognition:

Currently, 116 listed companies hold a total of 809,100 Bitcoins, a significant increase from 312,200 one year ago.
Since April alone, an additional 100,000 coins in open positions have been added, with more than 25 companies publicly announcing their positions.
Notable companies like MicroStrategy and Tesla are continuously increasing their positions, and the "long-term holding strategy" has become the mainstream investment philosophy.

On-chain data analysis reveals the core state of the market:

After Bitcoin broke through 100,000 USD, large holders did not sell off on a large scale, but instead showed a lower willingness to take profits.
The profit and loss data indicate that there is no fear of heights in the market, and funds still maintain a bullish trend.
The current resistance zone may be the last barrier before reaching a new all-time high.

Trading volume surged to nearly $60 billion. On the surface, it appears to be an increase in selling pressure, but in reality, it reflects the process of chips being redistributed. If Bitcoin can firmly hold the key support level of $106,000, it is likely to set a new historical high in the coming weeks; if there is a slight adjustment, it may build a more solid rising foundation just below the $100,000 mark.

A true bull run often only begins when people doubt that it has already ended. For those patient investors who can understand the market rhythm, holding on may bring greater rewards.