Bitcoin (BTC-USD) extended its recent gains on Thursday, rising roughly 1.4% over the past 24 hours and 6.7% on the week to trade near $96,500 (£71,796). The move follows a period of unusually tight trading between $88,000 and $91,000 to start the year, and coincides with renewed inflows into US spot crypto exchange-traded funds (ETFs).

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Data from SoSoValue shows US spot bitcoin ETFs attracted $884m in net inflows on Wednesday, while ether (ETH-USD) and XRP (XRP-USD) spot ETFs posted $175m and $10.6m of inflows respectively. BlackRock’s (BLK) IBIT and Fidelity’s FBTC captured the bulk of bitcoin ETF demand, drawing roughly $648m and $125m.

The breadth of inflows suggests institutional demand for major tokens is firming after early-year volatility, with ETF activity providing a potential price floor as long as macro conditions remain stable.

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“Bitcoin’s (BTC-USD) renewed push toward the $100,000 level is not happening in isolation, it’s closely tied to the same macro forces lifting gold and other hard assets,” SynFutures CEO Rachel Lin told Yahoo Finance.

“With persistent concerns around currency debasement and fiscal discipline, investors are once again looking for stores of value that sit outside the traditional financial system,” Lin said.

She described the current backdrop as “goldilocks,” citing resilient US growth, stabilising inflation, and easing liquidity pressures that are enabling capital to return to both defensive and risk assets.

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Lin also noted that bitcoin’s (BTC-USD) technical setup and derivatives positioning have strengthened alongside macro sentiment. “The heavy concentration of call options around $100,000 reflects growing conviction rather than speculative chasing,” she added, arguing bitcoin is increasingly being priced as a long-term macro asset with “asymmetric upside.”

The latest bitcoin (BTC-USD) rally came as US president Donald Trump signalled he may delay potential military action against Iran, easing immediate geopolitical tensions. Trump also suggested Tehran had halted planned executions linked to its crackdown on protesters, comments that were echoed by Iran’s foreign minister Abbas Araghchi.

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Still, bitcoin (BTC-USD) has not proven immune to geopolitical shocks, historically falling alongside major equity benchmarks during periods of acute global stress. With upcoming US data unlikely to shift expectations that the Federal Reserve will hold rates steady at its late-January meeting, traders are watching whether bitcoin can maintain support above $95,000.