Bitcoin prices rose above the $100,000 price level on Monday for the first time si♏nce Dec. 19, after weeks of volatility.꧟

In the weeks following the U.S. presidential election, bitcoin gained more than 50%, hitting an all-time high of around $108,000 in mid-December, amid investor optimism that the incoming Trump administration will adopt policies that support the cryptocu🌞rrency market. The rally stalled during the holid♔ay season, with bitcoin falling to around $92,000.

The digital currency was trading at around $102,000 early Monday afternoon, up from an intraday low of around $98,000, with little in the way of 😼news﷽ to spark the turnaround.

What Pushed Bitcoin Above $100K Again?

One possible factor to consider is a reversal in flows for spot bitcoin exchange-traded funds (ETFs). After struggling with multiple days of significant outflows, spot bitcoin ETFs recorded inflows of $908.1 million on Friday, according to data from Farside Investors. Starting Dec. 19, just a few days after bitcoin surpassed $108,000, spot bitcoin ETFs have seen roughly $1.9 billion in outflows.

When investors put money into spot bitcoin ETFs, these products buy bitcoin and that demand pushes up bitcoin prices. Massive demand from spot bitcoin ETFs 澳洲幸运5官方开奖结果体彩网:drove the rally in bitcoin prices early last year, and could do so again.

"I would have predicted a rough patch for the [bitcoin] ETFs given the drop below $100k (overdue for a breather) but no, they roared back with nearly $1b Friday, which lifted the 1W to positive net," Bloomberg ETF analyst Eric Balchunas noted on X.

Also worth noting: MicroStrategy (MSTR) bought more bitcoin for a ninth consecutive week, though at 澳洲幸运5官方开奖结果体彩网:$101 million this most recent purchase is less than what had been seen in previous weeks. That alone couldn't have prompted such a big reaction in bitcoin's price, even if MicroStrategy is considered a 澳洲幸运5官方开奖结果体彩网:bitcoin proxy.