Main Points:
- Bitcoin’s market capitalization reached $2.205 trillion, surpassing Amazon’s $2.135 trillion valuation
- Price set a new all-time high above $111,000
- Institutional confidence surges: BlackRock’s IBIT became the second-largest Bitcoin holder; $604 million of net inflows into Bitcoin ETFs on May 21
- Derivatives open interest stands at $756.16 billion for perpetual swaps and $3.24 billion for futures
- U.S. legislative and corporate milestones bolster legitimacy: advance of stablecoin regulation, JPMorgan and Morgan Stanley embrace crypto
- May 22 marks “Bitcoin Pizza Day,” celebrating the first real-world Bitcoin purchase in 2010
- Analysts forecast a trajectory toward $150,000–$200,000 by year-end
Market Cap Milestone: Overtaking Amazon
On May 22, 2025, Bitcoin’s market capitalization soared to $2.205 trillion, eclipsing Amazon’s valuation of $2.135 trillion by a margin of $70 billion. This landmark moment signifies more than a numeric achievement: it represents Bitcoin’s evolution from a niche speculative token into a recognized macro asset capable of rivaling the world’s leading technology corporations. According to Alex Obchakevich, founder of Obchakevich Research, surpassing Amazon has captured the attention of mainstream investors and “will strengthen confidence in Bitcoin and lead to new injections into the crypto market”.
Record Price Breakthrough
Parallel to its market cap triumph, Bitcoin’s spot price surged to a fresh all-time high, trading briefly above $111,000 on the same day. This rally was driven in part by robust inflows into Bitcoin-linked exchange-traded funds (ETFs) and heightened institutional demand. The upward momentum was further reinforced by technical indicators pointing to sustained bullishness, even as some analysts caution about possible near-term corrections given macroeconomic uncertainties.
Institutional Adoption and ETF Inflows
Bitcoin’s maturation into a mainstream asset is underscored by significant institutional moves. In May 2025, BlackRock’s iShares Bitcoin Trust (IBIT) ascended to become the second-largest Bitcoin holder, behind only the pseudonymous creator Satoshi Nakamoto, managing over 636,108 BTC (approximately 3% of the total supply). On May 21 alone, Bitcoin ETFs recorded $604 million in net inflows, marking one of the largest single-day institutional capital deployments into the asset. This influx highlights the growing comfort of traditional finance players with cryptocurrency, aided by regulatory clarity and product innovation.
Derivatives Market Dynamics
The derivatives segment also reflects Bitcoin’s expanding ecosystem. Current open interest across perpetual swaps stands at $756.16 billion, with an additional $3.24 billion in futures contracts. These figures demonstrate that sophisticated market participants are increasingly engaging with Bitcoin’s leverage and hedging instruments, further integrating it into global financial markets.
Legislative and Corporate Validation
Beyond market mechanics, macro developments have lent credibility to Bitcoin’s role in the financial system. The U.S. Senate advanced legislation to establish a regulatory framework for stablecoins, signaling legislative engagement with digital assets. Meanwhile, established institutions such as JPMorgan Chase and Morgan Stanley have reversed previous skepticism: JPMorgan’s CEO Jamie Dimon announced that the bank would now permit clients to buy Bitcoin, and Morgan Stanley expanded its crypto offerings to institutional investors. These endorsements from Wall Street heavyweights underscore a paradigm shift in how Bitcoin is perceived by legacy finance.
“Bitcoin Pizza Day”: A Symbolic Anniversary
May 22 is celebrated annually as “Bitcoin Pizza Day,” commemorating the June 22, 2010, purchase of two pizzas for 10,000 BTC by programmer Laszlo Hanyecz. At today’s prices, those coins would be worth over $1 billion, illustrating Bitcoin’s astronomical growth from a fringe experiment to a multitrillion-dollar asset. The anniversary serves as both a nostalgic reminder of crypto’s grassroots beginnings and a testament to the network’s enduring resilience.
Future Outlook: Toward $200,000
Looking ahead, analysts remain optimistic. Alex Obchakevich predicts that Bitcoin will “move gradually towards $200,000,” with intermediate milestones of $150,000 and $90,000 to be tested within the year. Hassan Khan of Ordeez adds that while short-term profit-taking and macro rate uncertainty may temper rallies, underlying metrics such as ETF flows and derivatives open interest suggest a conviction among institutional players not seen in previous cycles.
Conclusion
Bitcoin’s landmark achievement—surpassing Amazon’s market capitalization while setting new price records on its 15th “Pizza Day”—marks a pivotal moment in its evolution from digital curiosity to mainstream macro asset. Bolstered by significant ETF inflows, expanding derivatives activity, and high-profile endorsements from regulators and financial institutions, Bitcoin has demonstrated resilience and adaptability. As it treads toward the $150,000–$200,000 range, market participants and blockchain practitioners alike should take note: Bitcoin’s journey is now intertwined with the broader financial system, offering novel opportunities for new crypto assets, revenue generation, and real-world blockchain applications.
