Bitcoin (BTC) continues its spring rally on Friday, and is on track for its strongest weekly show since Trump’s election victory.
The largest and oldest cryptocurrency won around $95,000 during US afternoon hours, up 1.8% over the past 24 hours. Ethereum’s Ether (ETH) continued closely, earning 2% to over $1,800. SUI’s Native (SUI), Bitcoin Cash (BCH) and Hedera’s HBAR profited on the Coindesk 20 index, a major market crypto benchmark.
Today’s profits have throttled exceptional momentum for the crypto market, which is recovering from its low early April amid tariff turmoil. BTC has grown more than 11% since Monday, launching a massive market crypto rally, with the largest weekly profitable since Donald Trump concluded the US presidency in November 2024.
Read more: Bitcoin traders target nearly $95,000. SUI has been meeting for several days
According to data from SOSovalue, investors’ appetites from ETF investors also bounced back strongly. (Friday inflow data will be published later.)
Bitcoin’s recent strengths in US equities and gold highlight BTC’s separation from traditional macro assets, according to David Duong, global research director at Coinbase Institutional.
“We tend to recognize major administration changes in the benefits of time and reflection, so we rarely witness the points of change in the market in real time,” Duon said in a report Friday. “This week’s decoupling of Bitcoin performance with traditional macro asset performance may be as close as we can approach such a moment.”
“In our view, this divergence highlights the mature role of Bitcoin as a valuable asset, which is seen by institutional and retail investors as resilient to the macroeconomic forces that affect risk assets more widely,” he writes.
Doung pointed out that more companies are adopting BTC’s Ministry of Corporate Treasury, and the paper is gaining attention. Following the success of Michael Saylor’s strategy, Twenty One Capital is a new company backed by affiliates from Tether, Bitfinex, SoftBank and Cantor Fitzgerald, and is expected to hold 42,000 BTC at launch.
Due to some of the recent accumulation, liquidity in the BTC market spots is “substantially drained,” Dr. Kirill Kretov, chief strategist at Coinpanel at Trading Automation Platform, said in a telegram memo. The company’s own blockchain analysis shows that much of Bitcoin’s liquidity has been withdrawn from its aggressive trading addresses, including exchanges since November 2024, exposing the market to volatile price fluctuations.
The story continues