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Bitcoin has broken above the $97,000 mark, hitting its highest level in over two months. According to CoinMarketCap, Bitcoin rose 2.30% in the past 24 hours to $96,441 as of 7:30 a.m. on May 2, and briefly reached $97,436 overnight—its highest level since Feb 21. Ethereum followed suit, climbing 2.68% to $1,840.

Market analysts attribute the latest surge primarily to inflows into crypto spot ETFs and rising demand in the spot market. Over $3.2 billion was funneled into Bitcoin and Ethereum ETFs last week, including $1.5 billion into BlackRock’s iShares Bitcoin Trust ETF—marking the largest weekly inflow so far in 2025. Total crypto market capitalization rose 2.01% to $3.01 trillion, the highest since early March.

Bloomberg characterized the rebound as a “shift from derivatives-driven trades to spot-led momentum buying.” Chris Neuhaus, director at Eragonia Research, noted that Bitcoin is exhibiting “a complex and fluid balance between macro variables and short-term momentum.” In the near term, price action is being led by ETF flows and increased spot volume, while correlations with gold and equities remain a key factor to watch.

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