Bitcoin climbed above US$94,000 for the first time since October 2025, touching an intraday high of US$94,280 on Monday before settling around US$93,900 in afternoon trading. The move represented a 3.1% gain on the day and extended the cryptocurrency's month-to-date appreciation to nearly 18%.
The catalyst was a combination of factors that analysts had been flagging for weeks. Spot Bitcoin ETF inflows on Friday alone totalled US$480 million across all listed products, the second-highest single-day figure on record. BlackRock's iShares Bitcoin Trust led the week's inflows with US$1.1 billion over five trading days, bringing its total assets under management above US$58 billion.
Institutional Buyers Accelerate
"We're seeing a distinct shift in who is buying," said Kevin Lau, digital asset analyst at Horizons ETFs in Toronto. "Twelve months ago, retail was leading these moves. Now the flow data very clearly shows institutional buyers — pension funds, family offices, and corporate treasuries — stepping in methodically at every dip. That changes the character of the rally significantly."
"Twelve months ago retail was leading these moves. Now the flow data clearly shows institutional buyers stepping in methodically at every dip."
— Kevin Lau, Horizons ETFs
In Canada, the Purpose Bitcoin ETF and CI Galaxy Bitcoin ETF both reported record daily volume on Monday, with Canadian investors adding approximately CAD$86 million in net new assets across domestically-listed Bitcoin products alone.
What's Next for Bitcoin
Technical analysts are watching the US$96,000 level as the next significant resistance zone, which corresponds to a cluster of selling pressure visible in on-chain data. Above that, the all-time high of US$108,000 set in January 2025 becomes the target. On the downside, the US$88,000 level has functioned as support on three separate occasions over the past six weeks, giving bulls a clear line in the sand to defend.
The macro backdrop remains constructive. With the US Federal Reserve widely expected to hold rates at its September meeting and the Bank of Canada maintaining 2.75%, the opportunity cost of holding Bitcoin relative to cash has stabilised, removing one of the key headwinds that weighed on digital assets throughout 2024.