Bitcoin has once again defied expectations, surging back into six-figure territory as markets pivot from recent uncertainty to renewed optimism. After an eventful few months marked by volatility and geopolitical shifts, the world’s largest cryptocurrency is flexing its resilience — now trading firmly above $100,000.
The recent ascent follows a sharp rebound from April’s lows. Bitcoin had climbed past the $100,000 mark in December, supercharged by market enthusiasm after Donald Trump’s victory in the U.S. presidential election. Momentum carried the price above $109,000 just ahead of Trump’s inauguration on January 20. But the rally faltered in the weeks that followed. A steady decline culminated in a retreat to just under $75,000 after Trump’s announcement of punitive tariffs against key U.S. trading partners in early April — a move that spooked risk markets globally.
The broader crypto ecosystem felt the brunt of that pullback even more intensely. Major altcoins such as Solana (SOL) and Ethereum (ETH) suffered drawdowns exceeding 60% from their respective peaks. Yet, just as quickly as sentiment soured, it has now swung the other way.
Risk appetite has returned with vigor, both in traditional markets and crypto. The Nasdaq and S&P 500 have rebounded beyond their pre-tariff shock levels, and Bitcoin is once again leading the charge. The latest catalyst? A newly struck trade agreement between the United States and the United Kingdom — a development that has soothed investor nerves and rekindled bullish momentum.
“The dominant story for bitcoin has changed again,” noted Geoff Kendrick, head of crypto research at Standard Chartered, in a Thursday morning report. “It is now all about flows. And flows are coming in many forms.”
A key driver of the resurgence lies in the powerful inflows into spot Bitcoin ETFs. While skeptics have sometimes downplayed these inflows due to offsetting basis trades — where hedge funds simultaneously short Bitcoin futures to capture arbitrage yields — Kendrick highlights that basis trade activity has barely budged during this latest wave of ETF demand. This points to genuine, unhedged capital entering the Bitcoin ecosystem through these regulated investment vehicles.
Institutional engagement appears poised to accelerate further. The upcoming release of 13F filings — which will disclose institutional holdings of not only spot Bitcoin ETFs but also shares of MicroStrategy (MSTR), a corporate titan with significant Bitcoin exposure — is expected to offer fresh confirmation of heavyweight players increasing their crypto allocations.
As flows strengthen and institutional conviction deepens, Bitcoin’s renewed climb above $100,000 underscores a familiar truth: this asset rarely moves in a straight line, and its narrative can pivot with startling speed. For investors and observers alike, the message is clear — stay nimble, because Bitcoin’s zigs and zags are far from over.
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