According to BlockBeats, on May 22, eToro Australia analyst Reece Hobson stated that Bitcoin's surge to the historic high of 110 thousand USD was driven by multiple factors. Institutional capital inflows, especially through the US spot Bitcoin ETF, have injected billions of dollars into the market. The macro environment also played a role, including increased liquidity, a weakening US dollar, and the resurgence of geopolitical uncertainties.
Hobson added: "When two key events happen simultaneously, the altcoin season will begin. First, quantitative easing policies must be initiated to inject more liquidity into the system, and Bitcoin's dominance (BTC.D) needs to reach around 70% (currently at 64%)."