What 15 Years of innovation, regulation, and speculation tell us about BTC’s next chapter as the premier digital asset hits a new ATH of almost $112K.

While Wall Street reeled from a bond market selloff yesterday that dampened equity enthusiasm, the world of digital assets witnessed a historic milestone. Bitcoin (BTC), the premier digital currency, surged to a fresh all-time high of $111,875, breaking decisively above its previous record of just over $109,000 set in January.

This remarkable feat happened just ahead of May 22 — Bitcoin Pizza Day, the date that commemorates the first commercial Bitcoin transaction 15 years ago. What started as a tech curiosity and novelty has now become a trillion-dollar asset class at the center of regulatory, institutional, and societal transformation. But how did we get here?

The Humble Beginnings: A Slice of History

The story of Bitcoin began in 2008, with the mysterious figure Satoshi Nakamoto publishing the now-famous whitepaper titled "Bitcoin: A Peer-to-Peer Electronic Cash System." The motivation was simple but revolutionary — to create a decentralized currency outside the control of governments and central banks.

Fast forward to May 22, 2010 — now etched into crypto lore as Bitcoin Pizza Day — when Laszlo Hanyecz spent 10,000 BTC for two Papa John’s pizzas. At the time, those coins were worth about $41, and the transaction seemed like an eccentric experiment. Today, at Bitcoin’s new record highs, those pizzas would be worth over $1.1 billion — possibly the most expensive meal ever purchased.

Charting Bitcoin’s Journey: From $0.004 to $110,000+

The infographic below offers a succinct visual journey of Bitcoin’s meteoric rise. Let’s walk through some of the pivotal moments:

• 2008–2010: The inception of Bitcoin and its first use in a commercial transaction.

• 2012: The first halving event, reducing miner rewards and laying the foundation for Bitcoin’s supply-driven scarcity.

• 2013: The first Bitcoin ATM is installed in Canada, marking a step toward physical-world accessibility.

• 2017: Wall Street begins to take notice as CME launches Bitcoin futures.

• 2020: Corporations such as MicroStrategy and Tesla begin adding Bitcoin to their balance sheets.

• 2021: Bitcoin’s market cap hits $1 trillion, and El Salvador becomes the first nation to adopt it as legal tender.

• 2024: With Spot Bitcoin ETFs approved and mainstream adoption surging, BTC hits $100K, followed quickly by a push toward $110K+, bolstered by political support and regulatory clarity.

Each milestone not only represents a price point but also a shift in perception — from novelty to necessity, from fringe to financial frontier.

The Technical Landscape

Moving on to more recent price action (top chart below), Bitcoin has broken out of a key technical resistance zone with conviction. The price action reveals:

• A decisive break above the previous high of around $109,000, with no swing failure pattern, reinforcing bullish bias.

• Short-term resistance lies in the $112,000–$113,000 range, aligned with a long-term trendline from previous highs.

• Crucially, last week's consolidation of around $100,000 has flipped that level into short-term support. If Bitcoin were to pull back, a dip into the weekly order block — visualized as a purple band in the chart — would represent a healthy correction, not a trend reversal.

• Daily and weekly order blocks serve as key areas for potential reaccumulation by institutions and traders eyeing momentum continuation.

In simpler terms: the breakout is not only real but also supported by structural and psychological levels that now form a new base.

Derivatives Market: BTC Open Interest Soars

The second part of the image — the open interest (OI) chart — provides another lens into Bitcoin's rally. OI reflects the total number of outstanding derivative contracts (like futures and options), and it’s surging, indicating growing institutional and retail participation. As of May 2025:

• Open interest is approaching $30 billion, up from just $5 billion two years ago.

• Crypto exchanges like Binance, Bybit, and OKX dominate the space, but new players like Hyperliquid are gaining ground.

• The steep rise in OI, especially during price rallies, signals confidence and liquidity — two essential pillars for sustained market momentum in any investment vehicle.

Historically, spikes in OI without corresponding increases in volatility have signaled strong directional conviction — in this case, bullish.

The Regulatory Winds Are Shifting

One of the most critical catalysts for Bitcoin’s recent leg up has been regulatory momentum in the United States. After years of ambiguity and courtroom battles, Congressional lawmakers are now inching closer to passing stablecoin legislation. This signals something bigger: a maturing attitude toward crypto assets, especially those that interact with fiat-backed tokens like USDC and USDT.

While Bitcoin itself is not a stablecoin, establishing a clear regulatory framework around stable digital assets legitimizes the broader crypto ecosystem. It also unlocks institutional capital that has so far remained cautious due to regulatory risk.

Furthermore, political narratives are shifting. U.S. President Donald Trump has openly expressed favorable views toward Bitcoin and crypto. This major political embrace could catalyze broader adoption and even geopolitical competition over blockchain leadership.

Wall Street vs. Bitcoin

Ironically, Bitcoin’s most recent breakout occurred as Wall Street stumbled. The bond market selloff triggered a risk-off move in equities, but risk appetite found a new home in digital assets. This divergence underscores a long-running debate: Is Bitcoin a risk-on asset like tech stocks or a hedge like gold? The answer may be evolving. In today’s macro landscape, Bitcoin seems to operate in a dual role — a growth asset during expansion, and a hedge against debasement and centralized control during times of uncertainty.

Looking Ahead

From a $41 pizza order to a trillion-dollar market cap, Bitcoin’s story is one of technological innovation, ideological conviction, and financial disruption. As we celebrate another Bitcoin Pizza Day, it's clear this digital currency is no longer just about speculative mania. It represents a philosophical movement and a financial paradigm shift.

With the technicals pointing higher, derivatives markets deepening, and regulations aligning, Bitcoin’s journey is far from over. Whether you are a trader, an investor, or just a curious observer, one thing is clear: the next chapter in Bitcoin’s evolution will be written not in isolation but in concert with institutions, nations, and perhaps even central banks. And if history is any guide, that $1.1 billion pizza may soon seem like a bargain.

Happy Bitcoin Pizza Day!

 Originally Published on Substack.