Bitcoin (BTC) Surged to a Fresh All-time High of $111,970 on May 22

Bitcoin saw rapid price movement this week, climbing to $111,970 before facing resistance from geopolitical tensions.

Bitcoin (BTC) faced a turbulent week as it hit a fresh all-time high (ATH) but then faced selling pressure linked to new US tariff threats. Despite a sharp drop from the peak above $111,970 to below $107,000, signs of Bitcoin accumulation activity continued without interruption across the market.

Bitcoin Hits $111K Peak Before US Tariff Threat

This week saw rapid price action in Bitcoin, leading it to $111,970 before it encountered resistance from macroeconomic events.

On May 23, US President Donald Trump threatened the European Union with 50% tariffs on all imports, a move that sparked a sharp reaction in the crypto market, pushing Bitcoin’s price down to $107,000.

However, this pullback saw BTC remain above critical support levels, highlighting strong demand during the downturn. Both small and large buyers continued to add Bitcoin to their holdings despite the macroeconomic pressure.

The current Bitcoin price is trading around $107,700, still only 4% down from its weekly high.

The dip did not reverse the broader trend of Bitcoin accumulation, signaled by activity on major exchanges and on-chain data showing a continuation of steady buying. Consistent outflows from exchanges highlight a solid trend toward long-term BTC holding strategies.

Centralized Exchange BTC Balances Continue to Drop

Bitcoin balances on centralized exchanges fell sharply over the past month,suggesting an inclination toward long-term holding.

Data from Coinglass showed that balances dropped from 2.26 million BTC on April 23 to 2.15 million BTC on May 24. Among major exchanges, Coinbase and Binance recorded net outflows of 40,772 BTC and 39,713 BTC, respectively, over the past week.

These movements indicate reduced short-term selling pressure and increased Bitcoin cold storage activity. The trend signals growing confidence in Bitcoin as a store of value. Lower exchange balances also suggest fewer Bitcoins are immediately available for sale.

This decline in available BTC may contribute to more stable pricing and ultimately foster upward momentum. The low volatility environment supports stronger confidence in accumulation strategies. Overall, the data reflects sustained buying activity despite short-term price drops.

BTC ETFs Record Strong Inflows Amid Market Volatility

Bitcoin ETFs based in the United States continued to attract capital during the week of volatility and political pressure. According to SoSoValue, BTC spot ETFs recorded $2.75 billion in net inflows last week, the third-largest weekly inflow since the ETFs’ launch.

The largest single-day inflow of $934.7 million came on May 22, coinciding with Bitcoin’s record high. Even on May 23, when President Trump's threat of 50% tariffs on all EU imports sparked a sharp sell-off, spot ETFs saw new capital flowing in at $211.7 million.