Bitcoin climbs to two-month high as ETF inflows return
Bitcoin has climbed above the USD 97,000 level, marking its highest price in two months, as renewed inflows into exchange-traded funds (ETFs) inject fresh momentum into the cryptocurrency market. The rally follows a sharp correction from bitcoin’s all-time high recorded in late 2025.
Market analysts point to a notable shift in ETF activity as the primary catalyst behind the recent surge, signalling renewed confidence among institutional investors. Sam North, Market Analyst at eToro, said the return of strong ETF inflows has reignited bullish sentiment.
“Bitcoin is now eyeing a move back above the USD 100,000 mark, and the key driver is a clear shift in ETF flows,” North said. “BlackRock’s IBIT alone recorded more than USD 150 million in inflows in a single session, which is effectively the heartbeat of this rally and a strong signal that institutional money is stepping back in after a period on the sidelines.”
According to North, recent price movements highlight bitcoin’s increasing sensitivity to ETF demand. A failed attempt to break above USD 95,000 last week coincided with weaker inflows, triggering a temporary pullback before prices rebounded sharply as inflows recovered.
The rally has also been fuelled by activity in the derivatives market. Data shows that approximately USD 718 million worth of short positions were liquidated over the past 24 hours, forcing bearish traders to close their positions and accelerating upward price momentum.
“When short positions are caught on the wrong side of the trade, price can move very quickly,” North explained. “That’s exactly what we’re seeing now.”
Looking ahead, North noted that the sustainability of the rally will depend largely on the behaviour of long-term holders. Over recent months, several rallies have stalled as investors took profits, keeping bitcoin trading within a range of USD 85,000 to USD 95,000.
“If ETF inflows continue, we can start talking about bitcoin making a move back towards all-time highs,” he said. “If not, profit-taking could once again prevent bitcoin from breaking decisively back above USD 100,000.”
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