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Bitcoin reached a major milestone on Friday, surging to a 70-day high of $97,431, buoyed by strong institutional demand, bullish ETF flows, and strategic announcements from key industry players. This breakout marks a critical turning point in the crypto market’s ongoing recovery, pushing the global crypto market cap above $3.12 trillion—the highest since March.
What’s Fueling the Rally?
The recent BTC momentum is driven by a combination of macroeconomic and crypto-native catalysts:
MicroStrategy, led by Michael Saylor, revealed plans to raise another $21 billion in Q2 to accumulate more Bitcoin.
Bitcoin ETFs witnessed a massive $422 million in net inflows on Thursday, led by BlackRock's IBIT and Grayscale's GBTC.
Arizona State passed a groundbreaking bill to establish the first Bitcoin ETF reserve.
A weaker-than-expected U.S. labor market report increased market speculation around future rate cuts, boosting risk-on sentiment.
These developments have helped BTC flip previous resistance at $95,000 into solid support, forming a short-term cluster between $95,900 and $97,431, according to Coingecko data. Trading volume remains high, with over $24 billion exchanged in the past 24 hours, signaling healthy liquidity at the current peak.
Altcoins Show Mixed Signals
While Bitcoin leads the charge, altcoins are seeing more selective gains. Key performers include:
StakeStone (STONE): Up 31% amid a surge in DeFi staking activity.
SUI: Gained 6.2% following bullish sentiment around 21Shares' spot SUI ETF filing.

Vanar Chain (VANRY): Jumped 36.4% after securing a major gaming partnership.$ETH
Meanwhile, Layer-1 giants such as Solana (SOL), Ethereum (ETH), and Cardano (ADA) posted modest movements, indicating a cooling risk appetite among investors.$SOL

$ETH Long-Term Institutional Accumulation Continues
The bullish trend is further reinforced by long-term accumulation strategies:
The Blockchain Group (TBG), backed by Adam Back, announced plans to accumulate up to 260,000 BTC by 2034.
Tether Investments acquired a 70% stake in South America’s Adecoagro, marking a bold move into real-world infrastructure sectors like energy, agriculture, and data.
Trouble in Governance: MOVE Token Under Fire
In contrast to the upbeat sentiment, Movement Labs suspended co-founder Rushi Manche amid a governance investigation. Coinbase has announced it will delist the MOVE token on May 15, citing concerns over project transparency and market stability.
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Conclusion
Bitcoin’s return to bullish momentum, combined with growing institutional participation and ETF activity, has created a strong tailwind for the market. While some altcoins are thriving, investors remain cautious amid regulatory uncertainty and isolated project controversies.