Bitcoin’s return to six-figure territory has reignited market optimism, but unlike the short-lived surge seen in January, the current rally appears to be built on firmer ground.
This time, macroeconomic indicators are playing in Bitcoin’s favor. The U.S. dollar index (DXY) has slipped from 109 to under 100 since the start of the year, while 10-year Treasury yields have softened to 4.52%, easing financial conditions and boosting appetite for risk-on assets. Even with 30-year yields above 5%, the market views this as supportive for assets considered hedges against inflation—particularly gold and Bitcoin.
Meanwhile, stablecoin liquidity is surging. The total market capitalization of dollar-pegged assets like USDT and USDC has risen to an all-time high of $151 billion, up nearly 9% since the winter months. Analysts interpret this as a sign of sidelined capital preparing to enter the market, fueling potential upside in crypto.
Unlike previous bull runs driven by retail speculation, the current momentum appears to be led by institutional flows. Spot Bitcoin ETFs have attracted over $42.7 billion in cumulative inflows—surpassing January’s high—while CME futures open interest has climbed to $17 billion. Though still below its December peak, the uptick signals rising institutional activity.
Notably absent this time is the speculative frenzy in meme coins. Tokens like DOGE and SHIB remain largely dormant, suggesting a more measured market mood. Similarly, perpetual futures funding rates remain subdued, indicating that leverage hasn’t overheated the system.
In contrast to prior euphoric spikes, this rally carries the hallmarks of a more structurally sound advance—driven less by hype and more by fundamentals, liquidity, and institutional conviction.
Bitcoin’s bullish undercurrent continues to strengthen as on-chain data and derivatives market behavior reveal aggressive accumulation from long-term holders and whales.
As institutional adoption of Bitcoin accelerates, U.S. asset management giant Franklin Templeton has issued a cautionary note on the growing trend of crypto-based treasury strategies.
Bitcoin rose 1.78% over the past 24 hours to reach $109,500 at the time of writing, driven by surging institutional inflows into spot ETFs, easing global trade tensions, and strengthening technical momentum.
BlackRock’s spot Bitcoin exchange-traded fund (ETF), known by its ticker IBIT, has surpassed the firm’s flagship S&P 500 ETF in annual revenue, according to a new report from Bloomberg.