The recent breakthrough of Bitcoin above $110,000 is driven by multiple factors. Macroeconomically, the progress of the US stablecoin legislation, like the GENIUS Stablecoin Act, paves the way for new capital inflows. Institutionally, continuous inflows of institutional funds, as shown by the high non - liquidity supply of Bitcoin, play a role. Moreover, the improvement in the macro - economic environment, such as the mitigation of some economic uncertainties, also contributes to the price hike.