Bitcoin surged past $111,544 on Thursday morning, marking a historic new all-time high. This milestone follows a brief dip to $106,000 and is attributed to growing investor appetite for alternative assets amid rising macroeconomic uncertainty. The catalyst appears to be the weak demand in the US Treasury’s $16 billion 20-year bond auction on May 21st, driving yields upwards. This unexpected bond market reaction fueled a rise in long-term US and global bond yields, with the 10-year and 30-year yields exceeding 4.58% and 5.08%, respectively. This surge in bond yields suggests a decline in confidence in government debt. Analysts suggest this trend may be indicative of a wider market shift as investors seek safe havens outside traditional government bonds during times of stress, leading them to allocate capital towards assets like Bitcoin (BTC), which offer protection against inflation and currency devaluation.