#创作者激励计划#  Bitcoin’s slide to $93,500 is temporary — Data points to new highs.

Bitcoin price is down, but BTC dominance is growing.
Significant buying by strategy and spot BTC ETFs suggests institutional investors are hungry for Bitcoin.
Bitcoin’s BTCUSD price has fallen 4.3 percent in the past three days after reaching nearly $97,900 on May 2. While it held resistance at $94,000 on May 5, some investors are frustrated that strong institutional inflows have not been enough to sustain the upward momentum. However, several positive signs suggest that Bitcoin could still reach a new all-time high in 2025.
Bitcoin’s dominance of the overall cryptocurrency market has risen, currently reaching 70%, the highest level since January 2021. This is despite a slew of new token launches, including some of the top 50 projects, such as SUI, Toncoin (TON), PI, Official Trump (TRUMP), Bittensor (TAO), Ethena (ENA), and Celestia (TIA). This dominance makes riskier altcoins less attractive to new investors.
Spot Bitcoin ETFs saw net inflows of $4.5 billion between April 22 and May 2. At the same time, increasing demand for Bitcoin futures contracts, whether leveraged or not, suggests growing institutional adoption.
Total open interest in Bitcoin futures markets has reached 669,090 BTC, representing a 21 percent increase since March 5. Despite Bitcoin’s price falling below $75,000 in early April, demand for leveraged positions has remained strong. BTC futures open interest alone has exceeded $13.5 billion, indicating solid institutional demand.
There are several reasons why Bitcoin is struggling to regain the $100,000 level. Investors who bought in anticipation of the US Strategic Bitcoin Reserve bill on March 6 are increasingly frustrated by the government’s failure to disclose their BTC holdings or announce new purchase plans. In addition, similar state-level Bitcoin bills have repeatedly failed. This process has recently been repeated in the US state of Arizona.
Strategy doubles down on BTC buy plan despite global trade war
In the past three months, gold has outperformed most assets, rising 16 percent, while Bitcoin has fallen 5 percent and the S&P 500 has corrected 6.5 percent. This calls into question the perception that Bitcoin is an uncorrelated asset, as the cryptocurrency has failed to decouple from the S&P 500 in the face of rising economic risks. The global trade war has led investors to shift toward fixed-income assets and cash positions.
Bitcoin’s recent drop to $94,000 is particularly notable because Strategy, a US-listed firm led by Michael Saylor, bought 1,895 BTC on May 5. This comes after the company doubled down on its capital raising plan to fund its Bitcoin purchases. However, investors were previously skeptical about Strategy’s ability to raise additional capital. Therefore, the company’s announcement of the $84 billion plan on May 1 has somewhat reduced this risk.
For Bitcoin to reach a new all-time high, investors will likely need to gain confidence that US-China trade relations are improving, as tariffs are weighing on overall risk appetite. Still, most of the fundamentals needed for a BTC bull run above $100,000 appear to be in place.