Bitcoin: The rally is running out of steam despite the appetite of institutional investors

The symbolic milestone of $100,000 is still a dream, but for now, it remains out of reach. After its big surge, bitcoin lost steam as it approached $97,000. The queen of cryptos seems out of breath, suspended between caution and hope. In a changing crypto industry, popular fervor has evaporated, giving way to a much colder engine: that of large institutions and investment funds.

Bitcoin without fever: the rally that the crowd forgot

BTC remains above $95,000, but the atmosphere no longer has any of the tumult of the bull runs of yesteryear. The funding rate plateaus at around 4%, far from the 8 to 12% observed during periods of euphoria. THE small carriers have disappeared from order books, preferring to focus on other trends: artificial intelligence, robotics or green energy.

The numbers speak for themselves. Google searches for the word “crypto” are stagnating at 27 out of 100, near the lowest of the year. The crypto community has taken a step back, fearing that the Fed and the American political climate will destabilize the markets again. The arrest of former Venezuelan President Maduro and tensions with Iran have not helped matters.

This torpor is not, however, the end of the cycle. According to Kaiko, bitcoin is coiled for a decisive movement. It remains to be seen whether the relaxation will come from individual investors… or from the powers of Wall Street.

Institutions are regaining control of the crypto-sphere

Behind the apparent fatigue of the market, the major maneuvers continue. Spot Bitcoin ETFs have seen record inflows: more than $120 billion in assets under management, according to Bloomberg. In a single day, $843.6 million was invested in these financial products, a record noted by Eric Balchunas on X. Financial institutions – BlackRock, Fidelity and Bitwise in the lead – are now leading the way.

Even listed companies are following the path set by Michael Saylor: more than $105 billion in Bitcoin held on their balance sheets. Classic finance players have redefined the rules of the game.

For André Dragosch, director of research at Bitwise, this trend is promising:

I believe continued institutional adoption could ultimately be the bullish catalyst that propels Bitcoin into 2026.

The figures are impressive, but the reality is clear: the momentum of the crypto market is no longer spontaneous. It is organized, structured, and professionalized. A new age of bitcoin is being written — slower, but stronger.

A broken cycle, a more mature Bitcoin

For a long time, crypto lived to the rhythm of “halvings”: euphoric rise, peak, then brutal fall. This mechanic seems broken. ETF flows, stable and powerful, erase the roller coaster of small investors. Bitcoin no longer responds to the moods of the crowd, but to the long-term strategies of asset managers.

Amberdata's Director of Derivatives, Greg Magadini, explains this radical change:

The catalysts for a new Bitcoin high will revolve around the loss of independence of the Federal Reserve. Without an independent desire to fight inflation, the Fed risks reacting in an overly “conciliatory” manner in order to support public spending. This will weaken the US dollar and push tangible assets, like BTC, much higher.

Correlation with technology markets is increasing, but volatility is fading. Bitcoin is becoming a macro asset, less of a speculative bet than a strategic position.

What to remember

• Current price of BTC: $95,545;
• Spot Bitcoin ETF volume: over $120 billion in assets;
• Record influx in one day: $843.6 million;
• Share of companies listed in BTC: $105 billion;
• Google interest in “crypto” : 27/100, sign of a lack of interest in retail

The next surge could well come from higher up. For CZ, bitcoin is heading towards $200,000, and this time, the altcoin season will follow suit. The breath is still lacking, but the flame still burns.