Bitcoin climbs to two-month high as ETF inflows return

Bitcoin has surged above USD 97,000, reaching a two-month high after a sharp pullback from its all-time high in late 2025, as renewed exchange-traded fund (ETF) inflows drive fresh momentum in the market.

According to Sam North, Market Analyst at eToro, the key catalyst behind the move is a clear shift in ETF flows, pointing to institutional investors re-entering the market with growing conviction.

“Bitcoin is now eyeing a move back above the USD 100,000 mark, and the key driver is a clear shift in ETF flows,” said North. “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.”

North noted that bitcoin’s recent price action highlights how sensitive the asset remains to ETF demand. A failed breakout above USD 95,000 last week coincided with weaker flows, triggering a pullback before momentum quickly reversed as inflows returned.

The rally has also been amplified by significant liquidations in the derivatives market. Around USD 718 million in short positions were liquidated over the past 24 hours, forcing bearish traders to close positions and accelerating the move higher.

“When short positions are caught on the wrong side of the trade, price can move very quickly,” North added. “That’s exactly what we’re seeing now.”

Looking ahead, North said the next phase will depend on the behaviour of long-term holders. In recent months, rallies have repeatedly stalled as investors locked in profits, keeping bitcoin range-bound between USD 85,000 and 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.”