Bitcoin surged past the $97,000 mark on Friday, achieving its highest value in over two months amid growing institutional interest and renewed optimism over global trade relations. This significant upswing in price has energized the broader cryptocurrency market, with major altcoins and Ethereum also posting solid gains.
As of 7:50 AM Nigerian time, Bitcoin was trading at $96,704, marking a 1.9% increase on the day. The leading cryptocurrency had earlier touched an intraday high of $97,437. Ethereum followed suit, appreciating by 1.3% to $1,831, while the total global crypto market capitalization rose by 1.5% to reach $3.01 trillion. Other notable cryptocurrencies, including Litecoin, Dogecoin, and Cardano, also experienced upward momentum in tandem with Bitcoin’s rally.
Institutional Demand Drives Momentum
One of the major catalysts behind Bitcoin’s latest rise is a notable resurgence in institutional confidence. This shift was significantly bolstered by a corporate announcement from Strategy, a major institutional investor in the crypto space. The firm revealed plans to issue $21 billion worth of new shares, reaffirming its long-term commitment to Bitcoin and solidifying the digital asset’s position as a strategic store of value.
The announcement resonated across financial markets, prompting renewed interest from asset managers and institutional players, particularly those seeking alternatives amid inflation concerns and traditional market volatility. Increased institutional participation often lends Bitcoin greater credibility and reduces its perceived risk, encouraging further investment.
Geopolitical Easing Boosts Market Sentiment
In addition to corporate activity, global diplomatic developments have also improved investor sentiment. The Chinese Ministry of Commerce signaled its readiness to re-engage in trade talks with the United States. This move follows overtures from Washington to restart economic dialogue after months of tension, which peaked during a trade war flare-up in April that had rattled global markets.
While Beijing’s response was cautiously optimistic, Chinese officials underscored the need for the United States to reduce tariffs and restrictions as a precondition for substantial progress. Nonetheless, this thawing in relations between the world’s two largest economies has helped ease fears of further economic fragmentation and encouraged bullish momentum in risk-on assets like Bitcoin.
Miner Metrics Reinforce Bullish Outlook
Beyond external factors, internal crypto market dynamics also point toward a potentially sustainable rally. Renowned Bitcoin advocate and podcast host Robert Breedlove highlighted the importance of miner economics as a key indicator of long-term market cycles.
In a recent post on social platform X, Breedlove pointed to the average miner cost of production—a metric that has historically aligned with market bottoms since 2016. According to his analysis, whenever Bitcoin’s market price dips below miners’ breakeven cost, it triggers a wave of miner capitulation. This results in a supply contraction, which historically precedes a sharp rebound in price as surviving miners gain more market share and profitability increases.
Breedlove’s theory aligns with well-established economic principles: assets rarely trade below their production cost in rational markets for extended periods. His analysis has found increasing support among market watchers, who are now turning to miner metrics to forecast Bitcoin’s next major move.
Whale Accumulation and ETF Inflows Strengthen Bull Case
Additional data from blockchain analytics platforms indicate that crypto whales—large holders with significant purchasing power—acquired roughly $4 billion worth of Bitcoin in the final two weeks of April. This large-scale accumulation underscores a renewed confidence in Bitcoin’s upside potential and serves as a leading indicator of bullish institutional behavior.
The rise in whale activity coincided with consistent inflows into spot Bitcoin exchange-traded funds (ETFs), particularly from April 17 to April 30. These regulated investment vehicles have made it easier for institutions and high-net-worth individuals to gain exposure to Bitcoin without directly holding the asset. The steady increase in ETF inflows signals that demand for crypto exposure remains strong despite recent price fluctuations.
A Turning Point for the Market?
Analysts believe the convergence of several macro and micro trends may be signaling the beginning of another prolonged expansion phase in the cryptocurrency market. The blend of geopolitical de-escalation, institutional demand, and positive miner metrics creates a solid foundation for continued growth.
While short-term corrections are always possible in the highly volatile crypto space, the current environment suggests that Bitcoin may be entering a new bullish phase. Investors and traders alike are now closely watching whether Bitcoin can break beyond the $100,000 psychological resistance level—a milestone that would signal the start of a more aggressive upward trajectory.
What Comes Next?
Market watchers expect continued volatility in the coming weeks, particularly as U.S. and Chinese trade negotiations evolve and macroeconomic indicators such as inflation, interest rates, and global liquidity conditions fluctuate. However, if institutional support continues to grow and miner profitability remains stable, Bitcoin could maintain its upward momentum well into the second half of 2025.
For now, optimism appears to have returned to the crypto markets—driven not only by short-term headlines, but by long-term structural signals that many investors believe mark the beginning of a significant new chapter for Bitcoin and the digital asset ecosystem.
