We use cookies to understand how you use our site and to improve your experience.
This includes personalizing content and advertising.
By pressing "Accept All" or closing out of this banner, you consent to the use of all cookies and similar technologies and the sharing of information they collect with third parties.
You can reject marketing cookies by pressing "Deny Optional," but we still use essential, performance, and functional cookies.
In addition, whether you "Accept All," Deny Optional," click the X or otherwise continue to use the site, you accept our Privacy Policy and Terms of Service, revised from time to time.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Bitcoin Tops $102K for First Time Since January: ETFs in Focus
Read MoreHide Full Article
Bitcoin surged past the $102,000-mark for the first time since January, buoyed by growing optimism around U.S. trade negotiations, Coinbase’s (COIN - Free Report) Deribit Acquisition, and soaring institutional interest. Bitcoin is up over 7% for the week as Trump pushed for trade deals.
Bitcoin-based exchange-trade funds (ETFs) like Wisdomtree Bitcoin Fund (BTCW - Free Report) , Coinshares Valkyrie Bitcoin Fund (BRRR - Free Report) , Fidelity Wise Origin Bitcoin Fund (FBTC - Free Report) , iShares Bitcoin Trust (IBIT - Free Report) , Grayscale Bitcoin Trust ETF (GBTC - Free Report) and Invesco Galaxy Bitcoin ETF (BTCO - Free Report) have been hovering around a three-month high.
Let’s delve a little deeper.
Major Trade Deals Ahead?
President Trump's announcement of a new trade agreement with the UK and his upbeat comments on future negotiations with China spread cheers around the investing world and the risk-on sentiments.
Trump introduced a new US-UK trade deal on Thursday, describing it as a major step toward increased market access, worth billions of dollars, for American products, especially in agriculture. The agreement includes expanded opportunities for U.S. exports of beef, ethanol and other farm goods.
Secretary Bessent stated that the upcoming discussions would focus on de-escalating tensions. The news was enough to boost market sentiment across risk assets, including Bitcoin.
Boosting optimism further, Coinbase (COIN - Free Report) announced its $2.9 billion acquisition of crypto options exchange Deribit. The deal was viewed as a vote of confidence in the crypto sector and helped push Bitcoin higher.
Meanwhile, Coinbase came up with quarterly earnings of $1.94 per share, beating the Zacks Consensus Estimate of $1.85. The company posted revenues of $2.03 billion in the quarter, missing the Zacks Consensus Estimate by 4.12%.
From Liberation Day Crash to Recovery
Bitcoin had previously dropped to $75,000 following Trump’s April 2 “Liberation Day” tariff announcement, which shocked markets. However, the asset has rebounded sharply as risk-on sentiment improved and equity markets stabilized.
Standard Chartered: $120K May Be Too Conservative
Standard Chartered’s Geoff Kendrick, who previously forecast Bitcoin hitting $120,000 in Q2, now says that target might be too low, citing a surge in institutional inflows and capital reallocation away from U.S. assets, as quoted on CNBC.
Kendrick noted the evolving narrative around Bitcoin. Once linked to risky assets and later seen as a strategic hedge, Bitcoin is now primarily driven by the sheer volume of inflows. U.S. spot Bitcoin ETFs alone have seen $5.3 billion in inflows over the last three weeks.
Kendrick reaffirmed his longer-term target of $200,000 by year-end 2025, driven by asset diversification and continued accumulation by “whales.”
Growing Institutional Interest
Institutional interest continues to support Bitcoin’s rally. Kendrick pointed to prominent institutions entering the space, including MicroStrategy’s (MSTR - Free Report) continued Bitcoin accumulation, Abu Dhabi’s sovereign wealth fund investing in iShares Bitcoin Trust (IBIT - Free Report) , and the Swiss National Bank purchasing MicroStrategy shares.
With MicroStrategy often viewed as a proxy for Bitcoin, these moves signal deepening institutional conviction. MSTR shares rose 5.6% on May 8, 2025. Defiance Daily Target 2x Long MSTR ETF (MSTX - Free Report) surged 11.5% on May 8 and hit a three-month high.
Bernstein analyst Gautam Chhugani reported that roughly 80 companies now hold Bitcoin on their balance sheets — collectively owning about 3.4% of total BTC supply. He highlighted this as a sign of growing long-term support from corporate treasuries, as quoted on Yahoo Finance.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
Bitcoin Tops $102K for First Time Since January: ETFs in Focus
Bitcoin surged past the $102,000-mark for the first time since January, buoyed by growing optimism around U.S. trade negotiations, Coinbase’s (COIN - Free Report) Deribit Acquisition, and soaring institutional interest. Bitcoin is up over 7% for the week as Trump pushed for trade deals.
Bitcoin-based exchange-trade funds (ETFs) like Wisdomtree Bitcoin Fund (BTCW - Free Report) , Coinshares Valkyrie Bitcoin Fund (BRRR - Free Report) , Fidelity Wise Origin Bitcoin Fund (FBTC - Free Report) , iShares Bitcoin Trust (IBIT - Free Report) , Grayscale Bitcoin Trust ETF (GBTC - Free Report) and Invesco Galaxy Bitcoin ETF (BTCO - Free Report) have been hovering around a three-month high.
Let’s delve a little deeper.
Major Trade Deals Ahead?
President Trump's announcement of a new trade agreement with the UK and his upbeat comments on future negotiations with China spread cheers around the investing world and the risk-on sentiments.
Trump introduced a new US-UK trade deal on Thursday, describing it as a major step toward increased market access, worth billions of dollars, for American products, especially in agriculture. The agreement includes expanded opportunities for U.S. exports of beef, ethanol and other farm goods.
Secretary Bessent stated that the upcoming discussions would focus on de-escalating tensions. The news was enough to boost market sentiment across risk assets, including Bitcoin.
Coinbase’s Deribit Acquisition Lifts Crypto Sentiment
Boosting optimism further, Coinbase (COIN - Free Report) announced its $2.9 billion acquisition of crypto options exchange Deribit. The deal was viewed as a vote of confidence in the crypto sector and helped push Bitcoin higher.
Meanwhile, Coinbase came up with quarterly earnings of $1.94 per share, beating the Zacks Consensus Estimate of $1.85. The company posted revenues of $2.03 billion in the quarter, missing the Zacks Consensus Estimate by 4.12%.
From Liberation Day Crash to Recovery
Bitcoin had previously dropped to $75,000 following Trump’s April 2 “Liberation Day” tariff announcement, which shocked markets. However, the asset has rebounded sharply as risk-on sentiment improved and equity markets stabilized.
Standard Chartered: $120K May Be Too Conservative
Standard Chartered’s Geoff Kendrick, who previously forecast Bitcoin hitting $120,000 in Q2, now says that target might be too low, citing a surge in institutional inflows and capital reallocation away from U.S. assets, as quoted on CNBC.
Kendrick noted the evolving narrative around Bitcoin. Once linked to risky assets and later seen as a strategic hedge, Bitcoin is now primarily driven by the sheer volume of inflows. U.S. spot Bitcoin ETFs alone have seen $5.3 billion in inflows over the last three weeks.
Kendrick reaffirmed his longer-term target of $200,000 by year-end 2025, driven by asset diversification and continued accumulation by “whales.”
Growing Institutional Interest
Institutional interest continues to support Bitcoin’s rally. Kendrick pointed to prominent institutions entering the space, including MicroStrategy’s (MSTR - Free Report) continued Bitcoin accumulation, Abu Dhabi’s sovereign wealth fund investing in iShares Bitcoin Trust (IBIT - Free Report) , and the Swiss National Bank purchasing MicroStrategy shares.
With MicroStrategy often viewed as a proxy for Bitcoin, these moves signal deepening institutional conviction. MSTR shares rose 5.6% on May 8, 2025. Defiance Daily Target 2x Long MSTR ETF (MSTX - Free Report) surged 11.5% on May 8 and hit a three-month high.
Bernstein analyst Gautam Chhugani reported that roughly 80 companies now hold Bitcoin on their balance sheets — collectively owning about 3.4% of total BTC supply. He highlighted this as a sign of growing long-term support from corporate treasuries, as quoted on Yahoo Finance.