Bitcoin logs its highest weekly close ever at $107,000. Is a new all-time high coming this week?

Bitcoin just made history. For the first time, it closed a weekly candle above $107,000, briefly reaching that price before easing back to $105,000.

The rally puts it less than 3% away from its all-time high, and right now, it’s trading around $104,300, according to data from CoinGecko.

Over the past six weeks, Bitcoin has added serious gains, similar to the November 2021 run where three massive candles pushed it up $30,000. In May alone, it’s already gained $13,000, rising from $94,000 to over $107,000.

This breakout comes as Metaplanet, the Japanese public company that follows Strategy’s strategy, confirmed a fresh purchase of 1,004 Bitcoin for $104 million. That brings its total holdings to 7,800 BTC, now worth approximately $812 million, as the company has publicly been stacking for months.

Arthur Hayes explains why more upside is likely

Arthur Hayes, co-founder of BitMEX, told Fortune that the US government is quietly spending more than it’s officially disclosing. He said the Treasury General Account dropped from $750 billion to $450 billion this quarter because of so-called “extraordinary measures” that let the government spend without technically raising new debt.

“It’s confusing,” Arthur said, “because we are in a period of the debt ceiling. So the US government cannot borrow net more money. There are various different ways in which they can spend money and still remain underneath the debt ceiling.”

He also pointed out that from January to March 2025, Treasury borrowing was up 22% compared to the same period last year. “The deficit is higher,” he added. Arthur believes the Treasury Secretary, Janet Bessent, will need to issue even more debt going forward. 

“Therefore he needs to find a way for these individuals to obtain as much leverage as possible through the banking system and ultimately that means that there’s more dollars floating around in the world because the US government is spending more money on stuff.”

Arthur added that this rise in liquidity is exactly why Bitcoin bottomed on April 9th and why he expects prices to go much higher.

“I think Bitcoin needs to go above $110K and increasing volumes reach $150K–$200K,” Arthur said. “I think that happens sometimes in the summer or early third quarter and then the rotation starts into various altcoins.”

He doesn’t expect altcoins to perform like they did in 2021 though. “We’ll have a new narrative,” he said, “but the old dino coins in your portfolio that aren’t moving probably aren’t moving for a reason. I think a lot of those coins have high FDV, low float, no customers, no revenue, just some CEX listings. That went down 95%. I don’t really see why those should do well in the next cycle.”

Realized Cap hits new record as ETFs push higher

Meanwhile, Bitcoin’s realized capitalization just broke its record again. For the fourth straight week, the total value of all UTXOs is now at $906 billion as of May 18, up from $891.6 billion just ten days earlier. That’s a 1.61% increase, driven by the ton of new capital entering the market.

Over the same period, Bitcoin has been consolidating around $104,731, a key resistance level. Once that wall is cleared, the next stop is $107,757, and after that, a possible break into new highs.

During this 10-day range, the largest growth came from addresses holding 100 to 1000 BTC. These wallets increased their stash by 122,540 BTC, going from 5.56 million BTC to 5.68 million BTC—a 2.2% gain. That kind of growth in that band signals mid-sized whales are still actively accumulating, not selling.

Spot Bitcoin ETFs in the US are also pulling serious weight. Net inflows for the week hit $608 million, building on the momentum from previous weeks. BlackRock’s iShares Bitcoin Trust led the charge, with inflows over $840 million, more than every other ETF combined.

While some ETFs trimmed their positions or held steady, BlackRock stood out. It was the only major fund to increase its Bitcoin holdings, going from 621,600 BTC to 631,902 BTC. That’s an addition of 10,302 BTC, which equals a 1.66% increase.

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