Bitcoin Roars Back as Wall Street Money Floods In—Is This the Start of the Next Big Crypto Run?

Bitcoin reignited bullish momentum on Thursday, climbing sharply as fresh institutional money poured into U.S. spot ETFs and blockchain data signaled that the wave of selling pressure that weighed on markets earlier this month is finally beginning to fade.

The world’s largest cryptocurrency surged 4.4% in the past 24 hours to trade near $68,300, extending a rally that began alongside a tech-stock rebound earlier in the week. Market data from CoinGecko shows the broader crypto market also advanced 4.4%, pushing total capitalization to roughly $2.43 trillion.

A major catalyst came from NVIDIA, whose blockbuster earnings injected renewed optimism into global risk assets.

The chipmaker reported $68.1 billion in quarterly revenue, a staggering 73% year-over-year increase that crushed Wall Street expectations and reaffirmed the strength of the AI-driven tech boom. That optimism spilled into crypto markets, where Bitcoin often trades as a high-beta tech proxy during bullish macro cycles.

U.S. spot Bitcoin ETFs recorded $506 million in net inflows Wednesday, their strongest day since early February, signaling that large investors may be returning after weeks of muted activity.

Research head Julio Moreno of CryptoQuant noted that spot demand is growing for the first time since late November, hinting at a potential shift in sentiment.

On-chain indicators tell a similar story.

The Coinbase Premium Index—a key gauge comparing Bitcoin prices on Coinbase versus Binance and widely viewed as a proxy for U.S. institutional appetite—has rebounded from deeply negative territory earlier this month to slightly positive levels this week.

CryptoQuant founder Ki Young Ju said the turnaround indicates that selling pressure on U.S. venues is easing, a development historically associated with stabilization phases after corrections.

Lacie Zhang, market analyst at Bitget Wallet, believes the changing dynamics could mark an important inflection zone.

She pointed to:

According to Zhang, these signals “could set the stage for a market bottom,” potentially offering patient buyers a window to accumulate before the next expansion cycle.

Some analysts warn that the calmer market may reflect less speculation—not stronger demand.

Illia Otychenko, lead analyst at CEX.IO, highlighted a sharp cooldown in trading activity:

“When leverage declines and trading slows, forced selling also decreases,” he explained, suggesting the reduced pressure may stem from traders stepping back rather than institutions aggressively stepping in.

Otychenko added that while current signals are “constructive,” they are not yet strong enough to confirm a full trend reversal, especially without clearer macroeconomic support.

Despite the debate, sentiment across speculative markets is improving. Users on prediction platform Myriad—owned by Dastan—now assign a 46% probability that Bitcoin’s next major move could carry it to $84,000, up significantly from 31% just a day earlier.

Bitcoin’s latest rally is being fueled by a powerful mix of:

Yet the foundation of the move remains under scrutiny. Without a decisive return of trading volume and broader macro tailwinds, analysts say the market is balanced between early-cycle recovery and a temporary rebound.

For now, Bitcoin appears to be doing what it has done many times before—moving ahead of certainty, not because of it.