BTC Breaks $110,000 on Pizza Day, Spot Bitcoin ETF Sees Highest Weekly Volume in 2025
Pizza Day — a day with deep symbolic meaning for Bitcoin and the crypto community — marks the first time cryptocurrency was used in a real-world transaction. On May 22, 2010, programmer Laszlo Hanyecz used 10,000 BTC to buy two pizzas, making it one of the most iconic dates in crypto history.
This year, on May 22, BTC surprised the entire industry with another historic milestone — after more than four months, Bitcoin broke above $110,000, setting a new all-time high and pushing the broader crypto market upward.
To celebrate, Donald Trump posted on Truth Social:“BITCOIN ALL TIME HIGHS, ENJOY!!”
Meanwhile, the ETF market also saw a major boost. As of the week ending May 24, spot Bitcoin ETFs in the U.S. recorded their highest weekly trading volume of 2025, totaling $25 billion in trades and $2.75 billion in net inflows — marking the second-highest weekly inflow since these products launched in early 2024.
What Drove Bitcoin to a New High Above $110,000?
Breakthroughs in Global Regulation
The Hong Kong Legislative Council officially passed the Stablecoin Bill, marking a significant step in digital asset regulation for Asia’s financial hub.
The U.S. Senate passed the cloture vote for the GENIUS Act, signaling major legislative progress for crypto regulation in the U.S.Sustained Institutional Inflows, Improved Liquidity
Market data shows that institutional capital has flowed into BTC for five consecutive weeks. Major asset managers and hedge funds are increasing their BTC allocations, significantly boosting market liquidity.Bitcoin vs. Gold: Zero-Sum Capital Rotation
From February to April, gold rallied at the expense of Bitcoin, as capital rotated into traditional safe havens. However, over the past three weeks, this trend reversed: BTC surged while gold lagged, revealing a zero-sum relationship between the two assets.Easing Trade Tensions
On May 12, a joint statement from U.S.–China trade talks in Geneva marked a turning point in trade relations, easing macroeconomic concerns and bolstering investor confidence — helping BTC surge to new highs.Technical Breakout & Investor Sentiment Synergy
After breaking the key resistance level at $110,000, BTC sent strong bullish signals. Trading volume rose, short- and mid-term moving averages formed golden crosses, and investor sentiment turned decidedly optimistic.
What’s the Significance of the ETF Volume Peak?
During the week ending May 24, U.S. spot Bitcoin ETFs hit a record weekly trading volume of $25 billion — the highest of 2025. Net inflows reached $2.75 billion, the second-largest weekly inflow since their launch in January 2024.
This not only reflects surging interest in BTC following the Pizza Day price breakout, but also shows the growing structural importance of spot ETFs in the crypto market.
- Institutional Appetite for Bitcoin Has Grown Sharply
The most direct signal from this volume surge: traditional investors and institutions are more active than ever in the BTC market.
Before ETFs, crypto trading was dominated by retail, VCs, and crypto-native funds. Since the January 2024 ETF approvals, mainstream financial institutions have had a compliant, transparent vehicle to gain exposure to BTC.
Pension funds, endowments, family offices, and insurance funds — entities once restricted from crypto due to risk controls and custodial limitations — can now access Bitcoin through a low-barrier, SEC-regulated product.
The new trading record suggests larger traditional institutions are entering the market, which could significantly influence BTC’s price center and volatility patterns.
Continued ETF inflows also reinforce BTC’s position as “digital gold” in global portfolio allocations.
- Liquidity Surge = Market Stability
Liquidity is the backbone of any healthy market. A sharp rise in trading volume means more active buyers and sellers, deeper order books, and more efficient price discovery.
Compared to crypto exchanges, ETF markets benefit from stricter compliance, better market-making, and a broader investor base.
Improved liquidity offers several advantages:
Price stability: Larger market depth reduces slippage and dampens volatility from big trades
Institutional inflows: “Long money” like sovereign wealth funds and pensions can now participate
Product innovation: Rising volume and depth support derivatives like options, leveraged ETFs, and arbitrage strategies — expanding the BTC financial toolkit
Major ETFs (e.g., BlackRock’s IBIT, Fidelity’s FBTC, ARK’s ARKB) now see daily volumes exceeding many traditional ETFs — proof that BTC’s financialization is accelerating.
- Mainstream Legitimization of Bitcoin
The rise in ETF volume is not just about capital inflows — it also reflects growing market legitimacy and maturity.
Once dismissed as a “fringe asset,” BTC is now part of portfolio strategies, asset allocation reports, and advisory frameworks in the world’s largest financial market.
ETF NAVs and performance are now included in wealth management platforms, making BTC available to retirement and tax-advantaged accounts — a turning point for retail investors.
This process of legitimization also sets a precedent for other crypto assets, such as Ethereum and Solana, to potentially gain ETF approval and mainstream acceptance.
- ETF Boom Could Drive Regulatory Clarity
Exploding ETF volumes may pressure regulators to develop more systemic and forward-looking crypto policy.
While the SEC approved several spot BTC ETFs in 2024, its broader crypto regulatory stance remains cautious. But with rising capital inflows and deeper markets, regulators may be compelled to:
Clarify ETF issuer, market maker, and custodian responsibilities
Strengthen anti-manipulation surveillance systems
Institutionalize disclosure and risk frameworks
Assess systemic risk and investor exposure at scale
In this context, ETFs could expand the definition of “compliant digital assets”, and even accelerate the rollout of broader frameworks — including the full implementation of the GENIUS Act.
Conclusion
BTC breaking new all-time highs and spot Bitcoin ETFs hitting a 2025 record is a clear signal of crypto’s march toward mainstream adoption and financial integration.
From market structure to capital flows, perception shifts to policy reactions — the impact reverberates throughout the entire ecosystem.
This isn’t just a price breakout.It’s a reaffirmation of Bitcoin’s role as a globally liquid, hard asset, and a powerful step forward in crypto’s historic convergence with traditional finance.
