Bitcoin has surged back above $100,000, reversing a previous decline that followed Donald Trump's tariff announcements in early April. Standard Chartered's Geoff Kendrick noted on Thursday morning that the key driver is now strong inflows into spot Bitcoin ETFs. These inflows are not significantly offset by basis trades, indicating genuine institutional investment.
The price initially hit $100,000 in December after Trump's election victory, peaking above $109,000 before a correction. Solana (SOL) and Ether (ETH) saw declines of over 60% from peak to bottom during the downturn. Traditional markets, including the Nasdaq and S&P 500, have also recovered and surpassed pre-tariff levels.
Institutional reporting on spot BTC ETF holdings and Strategy (MSTR) ownership is expected to confirm increased allocations next week. Kendrick apologized that his $120,000 second-quarter target may be too low.
This article is based on our author's analysis of materials taken from the following resource: Reuters.