- Bitcoin has rallied almost 20% over the past month, climbing back above US$100k for the first time since February, with analysts suggesting this could be the beginning of a push to new all-time highs.
- Bitfinex analysts report that Bitcoin’s breakout demonstrates strong momentum and their expectation that Bitcoin will outperform equities and other risk assets as macroeconomic factors return to prominence.
- Institutional demand rather than retail speculation is driving Bitcoin’s price movement, with ETF flows becoming structurally independent from short-term market pullbacks.
- Major Bitcoin buyers continue to accumulate, with US spot Bitcoin ETFs recording nearly US$1 billion in inflows last week and companies like Strategy purchasing another 13,390 BTC for US$1.34 billion.
Bitcoin (BTC) has rallied almost 20 per cent over the past month, pushing back over US$100k (AU$156k) for the first time since February. Although it paused briefly amid the China–US trade-war lull, analysts believe the OG crypto could be headed for fresh all-time highs.
In a recent report, Bitfinex analysts wrote that Bitcoin’s latest breakout “is a clear continuation of the strong momentum observed since the reclaim of multi-month range lows”. This supports their view that Bitcoin will outperform:
[This] aligns with our thesis that Bitcoin will display relative strength versus equities and other risk assets, as macro catalysts return to the forefront.
BitfinexThe analysts added that renewed clarity on Fed rate paths and US tariffs has restored market confidence – fuelling the bullish surge in Bitcoin, potentially paving the way for new all-time highs.
Read also: BlackRock Warns Quantum Computing Could Break Bitcoin’s Cryptography in IBIT ETF Filing
Institutional Buyers Trump Retail: Analysts
They also note that “ETF flows are becoming structurally de-correlated from short-term pullbacks, signalling steady allocation rather than opportunistic buying”. And further, it’s institutions that are buying not retail:
The demand appears mechanical, driven by portfolio mandates and allocation models rather than discretionary trade setups. Rising spot volumes, coupled with low volatility, indicate that institutional flows, not retail speculation, are now steering marginal price discovery.
BitfinexThey conclude that “as long as this pace of ETF inflows persists, institutional demand sets a powerful floor. In such an environment, the breakout above $100,000 remains not only sustainable, but also potentially just the beginning.”
Bold Bitcoin Buyers Build Buffer
The US spot Bitcoin ETFs continue to enjoy particularly strong inflows, with close to a billion USD in inflows last week.
A recent CoinShares report notes that “inflows now stand at US$6.7bn” and are “approaching the US$7.3bn peak reached in early February this year”.
Especially BlackRock’s IBIT fund is smashing records, which has seen four consecutive weeks of net inflows.
Beyond ETFs, Saylor and Co are also not sitting idle. Strategy (formerly MicroStrategy) just bought another 13,390 BTC for US$1.34 billion (AU$2.09 billion). Their total stash now consists of 568,840 BTC.
Metaplanet, the Strategy of Asia, also just bought another 1,241 Bitcoin, which means with 6,796 BTC, they now hold more than the country of El Salvador.
Related: XRP Pushes Past Tether amid BlackRock ETF Rumours
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