Bitcoin has surged past the $111,000 mark in May 2025, fueled by aggressive buying activity on derivatives exchange Bybit and record inflows into Bitcoin spot ETFs. This rise is driven by a dynamic mix of institutional interest, high-net-worth individuals, and a surge in market sentiment. Bybit’s Taker Buy/Sell Ratio hit an all-time high of 13.7 during the rally, signaling increased buying pressure. Alongside this, Bitcoin spot ETFs saw $400 million+ in daily inflows between April and May 2025, exceeding $134 billion in total assets. This influx has contributed to the price surge from $38,000 to over $111,000. The increasing ratio signifies a dramatic shift in market dynamics, with buyers outpacing sellers. Meanwhile, some whales are positioning for a potential correction by taking short positions on Bitcoin, highlighting the diverging sentiment within the market. Additionally, exchange balances have decreased as investors continue to accumulate Bitcoin, suggesting a supply-driven upward trend.