Bitcoin (BTC-USD) climbed as much as 2.5% to $109,400 Wednesday amid optimism over favorable U.S. regulatory developments, before settling around its prior peak of $109,100 at mid-morning ET.

That lift sent Ether (ETH-USD) and Dogecoin (DOGE-USD) higher in sympathy, underscoring renewed demand across the crypto complex. So far in 2025, Bitcoin is up roughly 15%, vastly outperforming the S&P 500’s 1% gain, and it’s 55% above year-ago levelshighlighting its resilience amid choppy equities markets and rising Treasury yields.

Analysts point to a series of SEC and CFTC signals that a more defined framework for spot-Bitcoin ETFs could arrive soon, driving institutional flows into the world’s largest digital token. Mining peers like Marathon Digital (NASDAQ:MARA) and Riot Platforms (NASDAQ:RIOT) also rallied, reflecting expectations that fresh fund inflows will boost network fees and hash-rate economics.

Meanwhile, traditional investors are taking notice: yesterday’s modest equity sell-off and bond sell-off over fiscal-debt concerns did little to dent crypto appetite, suggesting Bitcoin’s narrative is decoupling from broader markets.

This matters because Bitcoin hitting new all-time highs under regulatory clarity could pave the way for broader adoption and further inflows, potentially marking a structural shift in how investors view crypto.

This article first appeared on GuruFocus.