Bitcoin Market Cap Hits $2.2 Trillion, Surpasses Amazon and Google

Bitcoin (BTC) has surged to new heights, with its market capitalization reaching $2.2 trillion for the first time. This milestone places Bitcoin as the world's fifth-largest asset, surpassing major corporations such as Amazon and Google. It now trails only Apple, Microsoft, and Nvidia, all of which have market valuations exceeding $3 trillion. Gold, valued at an estimated $22 trillion, remains the most valuable asset by a significant margin.

Bitcoin's ascent to the fifth position in the asset rankings underscores its growing appeal among traditional and institutional investors. The market sentiment has turned decisively bullish, with robust buying activity across all investor groups, from large-scale investors to smaller participants. The price of Bitcoin has stabilized around the $110,000 level, with minimal pullbacks, further reinforcing its status as a valuable asset.

As the end-of-May options expiry approaches, the options market reveals significant activity. The bulk of call options, which are bullish, are positioned at the $110,000 strike price, with a max pain level at $96,000. Looking ahead to June, there is a clustering of high-strike call options at $200,000 and even $300,000, indicating that traders are betting on continued upward momentum for Bitcoin.

Despite Bitcoin's strength, Strategy, the largest corporate holder of Bitcoin, has lagged in share price performance relative to its peers. The company recently announced a $2.1 billion at-the-market offering of its new perpetual preferred stock, intended to fund additional Bitcoin acquisitions. Meanwhile, BlackRock’s iShares Bitcoin Trust continues to dominate the institutional market, pulling in significant inflows, bringing its total net inflow to a staggering $47.6 billion.

On the macroeconomic front, Bitcoin is showing clear divergence from traditional equities, rising 5% over the past five days while the S&P 500 has slipped by more than 1%. This uncorrelated performance is reinforcing Bitcoin’s appeal as a macro hedge. Investors are now closely watching for Federal Reserve Chair Jerome Powell’s speech on Sunday, which could prove pivotal in shaping next week’s market trajectory.