Bitcoin Poised for Strongest Weekly Gain Since Trump Win as ETFs Gobble $2.7B Inflows
Bitcoin (BTC) continued its spring rally on Friday and is on track for its strongest weekly showing since Trumps election victory.
The largest and oldest cryptocurrency held around $95,000 during U.S. afternoon hours, up 1.8% over the past 24 hours. Ethereums ether (ETH) followed closely, gaining 2% to hover just over $1,800. Suis native (SUI), Bitcoin Cash (BCH), and Hederas HBAR led gains in the broad-market crypto benchmark CoinDesk 20 Index.
Todays gains cap an exceptional momentum for crypto markets recovering from the early April lows amid tariff turmoil. BTC is up over 11% since Monday, putting it at its largest weekly gain since November 2024, when Donald Trump clinched the U.S. presidency, kickstarting a broad-market crypto rally.
Read more: Bitcoin Traders Target $95K in Near Term; SUI Continues Multiday Rally
Investor appetite from ETF investors also bounced back strongly: U.S.-listed spot bitcoin ETFs recorded $2.68 billion in net inflows this week so far, the largest since December, according to SoSoValue data. (Friday inflow data will be published later.)
BTC decoupling
Bitcoins recent strength relative to U.S. stocks and gold underscores BTCs decoupling from traditional macro assets, said David Duong, Coinbase Institutionals global head of research.
Its rare to witness market inflection points in real time, as we only tend to recognize major regime shifts with the benefit of time and reflection, Duong said in a Friday report. This weeks decoupling of bitcoins performance from that of traditional macro assets may be as close as we come to such a moment.
In our view, this divergence highlights bitcoins maturing role as a store-of-value assetone that is increasingly being viewed by institutional and retail investors alike as resilient against the macroeconomic forces affecting risk assets more broadly, he wrote.
Doung noted that the thesis is gaining traction with more companies adopting BTC corporate treasuries. Following the success of Michael Saylors Strategy, Twenty One Capital, a new firm backed by Tether, Bitfinex, SoftBank, and a Cantor Fitzgerald affiliate, also plans to hold 42,000 BTC at launch.
Due in part to recent accumulation, liquidity in the spot BTC market has been significantly drained, Dr. Kirill Kretov, lead strategist at trading automation platform CoinPanel, said in a Telegram note. According to the firms proprietary blockchain analysis, a large portion of bitcoin liquidity has been withdrawn from actively transacting addresses, including exchanges, since November 2024, exposing markets to volatile price swings.
The market is thin, vulnerable, and easily moved by large players, Kretov said. Sharp swings of 10% up or down are likely to remain the norm for now.
Bitcoins route to fresh records
While the route could be choppy, this weeks rally is likely the early innings of bitcoins next leg higher to new records, said John Glover, chief investment officer of crypto lender Ledn.
Based on his technical analysis using Elliott Waves, he said BTC began the fifth and final wave of its multi-year bull market.
Elliott Wave theory suggests asset prices move in predictable patterns called waves, driven by collective investor psychology. These patterns typically unfold in five-wave trends, in which the first, third, and fifth waves are impulsive rallies, while the second and fourth waves are corrective phases.
While retesting this months low at $75,000 cannot be ruled out, Glover sees BTC climbing to a cycle top around late 2025, early 2026.
My expectations continue to be for a rally to $133-$136k into the end of this year, beginning of next, he said.
Read more: Bitcoin Whales Return in Force, Buy the BTC Price Rally, On-Chain Data Show
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Text source: CurrencyCrypt
