Bitcoin$BTC has surged back above the $100,000 mark, rebounding sharply from its recent low near $75,000 following President Trump's early April tariff announcements. The cryptocurrency’s rapid recovery comes amid a broader market rebound, with both equities and digital assets rallying as investors shake off initial fears tied to the tariff news.

This marks yet another dramatic move for Bitcoin, which first broke through six figures in December after Donald Trump's victory in the November presidential election. Momentum continued into January, peaking at over $109,000 just ahead of Trump’s inauguration on January 20. However, the rally lost steam soon after, culminating in a steep sell-off that bottomed out in early April in response to escalating trade tensions.

The impact was even more severe in the altcoin$ market. Leading tokens such as Ether (ETH)$ETH and Solana (SOL)$SOL saw peak-to-trough declines of more than 60%. But just as quickly as panic took hold, markets have reversed course, with crypto and traditional equities both pushing higher. Notably, the Nasdaq and S&P 500 are now trading above their pre-tariff announcement levels.

The latest leg of Bitcoin’s$ rally appears to be driven by news of a trade agreement between the U.S. and the U.K., a move seen as easing some of the geopolitical uncertainty weighing on markets.

According to Geoff Kendrick of Standard Chartered, the current rally is less about macro headlines and more about capital flows. “The dominant story for Bitcoin has changed again,” Kendrick wrote in a note Thursday morning. “It is now all about flows. And flows are coming in many forms.”

Recent inflows into spot Bitcoin ETFs have been a major driver, with Kendrick highlighting that these do not appear to be primarily from basis trades — where hedge funds offset ETF purchases with short futures positions. Instead, he argues, there is strong evidence of genuine demand, with “real money” entering the market.

Further confirmation may come soon, as institutional 13F filings begin to roll in next week. These reports will offer visibility into major investors’ positions not only in spot Bitcoin ETFs, but also in Bitcoin proxy plays such as MicroStrategy (MSTR), which holds significant amounts of BTC on its balance sheet.

Kendrick closed his note with a nod to the rapid shift in sentiment: “I apologize that my $120,000 second quarter target may be too low.”