Bitcoin surged past $92,000 on Friday for the first time since February, capping a three-week rally driven by record inflows into cryptocurrency exchange-traded funds and renewed appetite from institutional investors.
The world’s largest digital asset hit an intraday high of $92,340 on Coinbase before settling near $91,800, representing a 14% gain over the past seven trading sessions. Ethereum also climbed, rising 8% to $4,650.
Spot Bitcoin ETFs recorded $1.2 billion in net inflows this week alone, according to data from Farside Investors — the strongest weekly showing since the products launched in early 2024. BlackRock’s IBIT fund led the pack, attracting nearly $600 million.
“Institutional FOMO is back,” said Marcus Reid, head of digital assets at Apex Trading. “The narrative has shifted from ‘if’ to ‘how much’ — family offices, hedge funds, and even some pension funds are now allocating.”
The rally has been accompanied by a spike in derivatives activity. Open interest in Bitcoin futures on the Chicago Mercantile Exchange reached an all-time high, while funding rates on perpetual swaps turned positive, indicating strong bullish sentiment among leveraged traders.
Not everyone is convinced the move is sustainable. Veteran trader Linda Kowalski warned that the rapid pace of the rally could set up a sharp correction. “We’ve seen this movie before,” she said. “When funding gets this hot, a flush usually follows.”
For now, though, the bulls are firmly in control.
Photo by Shubham Dhage on Unsplash
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