Main Points:
- Bitcoin surged past $110,889 on May 23, marking a daily gain of over 4% and reaffirming a broad-based bullish market across top digital assets.
- Standard Chartered’s Head of Digital Asset Research Geoffrey Kendrick reconfirmed his forecasts of $120,000 by end-Q2 2025, $200,000 by end-2025, and $500,000 by end-2028.
- Following gold’s peak on April 22, investors withdrew $3.6 billion from gold funds while pouring $7.5 billion into Bitcoin ETFs, highlighting a rotation into crypto.
- A strong positive correlation between U.S. Treasury term premiums and Bitcoin prices underscores Bitcoin’s growing appeal as a hedge against bond market risk.
- Influential figures such as Robert Kiyosaki and Arthur Hayes project Bitcoin could reach $500,000–$1 million, driven by Trump-era policy shifts and strategic national reserves initiatives.
- K33 Research challenges the traditional “Sell in May” adage, arguing that proactive crypto policies under the current U.S. administration could fuel a sustainable summer rally.
Market Surge and ETF Inflows
On May 23, Bitcoin continued its relentless ascent, climbing more than 4% to settle at $111,889—its highest level on record. This move was not isolated; the GMCI30 index, which tracks the top 30 cryptocurrencies by market capitalization, rose in tandem, signaling a broad-based bull market across major digital assets. A key driver behind this surge has been the shifting sentiment among institutional investors: as gold peaked at record highs on April 22, traditional precious-metal funds saw $3.6 billion flow out, while Bitcoin ETFs attracted $7.5 billion in net inflows over the same period. This rotation suggests a growing perception of Bitcoin not merely as a speculative asset but as a viable substitute for gold in large portfolios.
Standard Chartered’s Forecasts
Standard Chartered’s digital asset research head, Geoffrey Kendrick, noted that a convergence of anticipated catalysts—ranging from macroeconomic diversification to regulatory clarity—are all playing out simultaneously. He reaffirmed his bold price targets: $120,000 by the end of Q2 2025, $200,000 by the end of 2025, and ultimately $500,000 by the end of 2028. These projections hinge on continued institutional adoption, ETF approvals, and geopolitical hedging behaviors by sovereign entities. Kendrick’s outlook reflects the bank’s long-standing bullish stance, which first captured attention when Bitcoin was trading below $10,000.
Correlation with U.S. Treasury Yields
An often-overlooked factor in Bitcoin’s recent performance is its increasing positive correlation with U.S. Treasury term premiums. As investors fret over rising bond yields and the risk of long-duration debt, Bitcoin’s non-sovereign nature and finite supply make it an attractive alternative. Kendrick highlighted that surging term premiums in the Treasury market have historically coincided with inflows into higher-risk, higher-return assets—and Bitcoin is no exception. This relationship underscores the narrative of Bitcoin as a digital “risk asset,” but also as a hedge against traditional fixed-income volatility.
Influential Voices: From Kiyosaki to Hayes
Mainstream financial commentators have also chimed in with lofty predictions. Robert Kiyosaki, author of “Rich Dad Poor Dad,” recently took to social media to argue that disappointing U.S. Treasury auctions and the ongoing liquidity demands of the state could propel Bitcoin toward $500,000–$1 million before 2030. Similarly, Arthur Hayes, co-founder and former CEO of BitMEX, has asserted that under a pro-crypto U.S. administration, Bitcoin could see a fivefold increase from current levels by inauguration day. These high-profile endorsements lend psychological momentum to the market, attracting retail investors wary of missing out on an unprecedented rally
Challenging “Sell in May” with K33 Research
Historically, May has been a weak month for risk assets, encapsulated in the adage “Sell in May and go away.” However, recent analysis from K33 Research argues that 2025 could defy this pattern. The firm credits the Trump administration’s proactive stance—signing executive orders for strategic Bitcoin reserves and advancing stablecoin legislation—with creating a unique macro and regulatory environment. K33’s analysts suggest that, rather than selling, investors would be better served by “holding through May,” as policy tailwinds and infrastructure build-out may sustain the rally well into the summer.
Regulatory and Policy Catalysts
Regulatory clarity in key markets has been another critical driver. The U.S. Senate’s advancement of the bipartisan GENIUS Act and state-level initiatives to authorize crypto reserves have given institutional players the confidence to increase allocations. Further, major financial institutions like JPMorgan Chase have publicly announced client access to Bitcoin, while asset managers such as BlackRock and Fidelity continue to expand their digital asset offerings. These developments paint a picture of a maturing ecosystem where regulatory frameworks and institutional infrastructure reinforce each other, reducing entry barriers and systemic risks.
Looking Ahead: Risks and Opportunities
Despite the exuberance, risks remain. Technical analysts warn of overbought signals and potential retracements—Bitcoin’s rising-wedge pattern and declining volume could precipitate short-term corrections. Macro uncertainties, such as U.S. debt ceiling negotiations or sudden monetary policy shifts, could also introduce volatility. However, for investors seeking new revenue streams and exposure to cutting-edge financial innovation, Bitcoin’s current trajectory offers a compelling case. With spot and futures markets deepening, on-chain analytics improving, and decentralized finance (DeFi) applications proliferating, the ecosystem’s fundamentals continue to strengthen.
Conclusion
Bitcoin’s breakthrough above $110,000 on May 23, 2025, is more than a milestone—it reflects a confluence of institutional adoption, strategic policy moves, and evolving market narratives. From Standard Chartered’s aggressive forecasts to K33 Research’s contrarian thesis against “Sell in May,” market participants are positioning for a sustained bull run. While technical and macro risks persist, the digital asset’s appeal as both a hedge against bond-market uncertainty and a high-growth opportunity appears undiminished. For readers in search of the next revenue stream or practical blockchain use cases, now may be the time to hold—and perhaps even deepen—their exposure to Bitcoin.
