Bitcoin $BTC has once again crossed the $100,000 mark — the first time in three months — after rebounding strongly from its April lows near $75,000. That plunge had followed President Trump’s early April “Liberation Day” announcement, where he introduced new tariffs targeting U.S. trade partners.
But since then, markets have made a sharp turnaround. Not only has Bitcoin $BTC surged more than 33% in just a few weeks, but traditional financial markets like the Nasdaq and S&P 500 have also recovered and even surpassed levels seen before the tariff scare.
The latest rally appears to have been fueled by optimism surrounding a new U.S.–UK trade agreement, which seems to have calmed nerves and encouraged fresh buying across the board.
The Real Driver? Capital Flows
Standard Chartered’s Geoff Kendrick says the real story behind Bitcoin’s recent breakout is “all about flows.” According to Kendrick, the influx of money into spot Bitcoin $BTC ETFs has been a major factor. While some of these flows are typically dismissed as part of basis trades (where hedge funds buy spot and short futures to capture a small yield), Kendrick argues that this time it's different.
“Basis trades haven’t increased much, which tells us real money is coming in,” he wrote in a Thursday note.
In the coming week, 13F filings — which reveal institutional holdings — will show not only Bitcoin ETF investments but also major stakes in companies like MicroStrategy (MSTR), a large corporate holder of Bitcoin. Kendrick believes those filings will confirm that institutional investors are increasing their crypto exposure.