Bitcoin's recent surge has solidly kept its price above $100,000, reflecting sustained investor confidence. As of the writing of this article, the trading price of BTC is $103,527, having risen 4.3% in the past 24 hours and 33% in the past month.
Although still about 5% lower than the historical peak set in January, the market shows sustained upward momentum, with technical and on-chain signals indicating that accumulation is still ongoing.
On-chain indicators reflect an increase in confidence
The latest round of increases comes amid renewed economic uncertainty and geopolitical activity. According to data shared by CryptoQuant analyst Darkfost, the current market pattern is reminiscent of the period nearly five years ago, characterized by high volatility and contradictory economic narratives.
Despite central banks like the Federal Reserve maintaining a cautious stance, investor sentiment seems to be shifting towards risk appetite as trade agreements and fiscal policy headlines trigger a surge in buying interest.
Darkfost noted that as the BTC price returns to the $100,000 mark, Bitcoin growth rate indicators have also returned to bullish territory. The analyst pointed out that the current market dynamics are similar to those in June 2020, especially in terms of how external political developments influence asset flows.
For example, the recent trade negotiations initiated by the Trump administration and its hardline stance on global policy are triggering rapid responses from stock and cryptocurrency investors. Darkfost believes that this sentiment-driven environment makes it quite challenging to predict price trends relying solely on traditional indicators.
The impact of news narratives complicates the situation further. Darkfost wrote:
This can largely be explained through various news headlines, such as the one we saw today ('You should buy stocks now'), and through Trump starting to reach trade agreements with countries, like the one made with the UK today.
These signals may be driving investors into the crypto asset space as part of a broader diversification strategy. Although the Federal Reserve has warned investors to remain cautious, the market seems to still face fears of missing out on opportunities, further exacerbating upward volatility.
Bitcoin whales continue to accumulate, while retail is lagging behind
In a related analysis, another CryptoQuant analyst, caueconomy, revealed that during the recent price rebound, large Bitcoin holders have remained active. Over the past month, the wallets classified as 'whales' have increased their balance by approximately 41,300 BTC.
This stable accumulation, particularly from institutional investors and corporations, indicates that strategic positioning continues regardless of the macroeconomic signals, whether good or bad.
According to caueconomy, this accumulation is not driven by retail speculation, but rather by institutional entities utilizing corporate resources such as retained earnings and debt issuance.
This form of capital inflow is often described as 'passive' accumulation, which can generate sustained demand pressure unaffected by market cycles. Therefore, Bitcoin's recent rise may be supported by a buyer cohort structurally different from those during previous bull market periods.
