Bitcoin Roars Back at $100K

3 Months After Dropping Below, BTC Reclaims the $100K Milestone

This week was an important week for IntoTheBlock, as it marked our merger with Trident Digital and our $25 million series A. Together, we’ll be perfectly positioned to help bridge the gap between institutions and DeFi. You can read more on our vision here.

As for the broader crypto market, the past few days have been particularly dynamic, highlighted by Bitcoin’s powerful breach of the $100,000 psychological barrier and a robust rally across the Ethereum ecosystem. As we dissect the latest on-chain metrics and market movements, we’ll explore the implications of Bitcoin’s increasing dominance, and analyze a significant industry event which will impact the institutional trading landscape.

Network Fees — Sum of total fees spent to use a particular blockchain. This tracks the willingness to spend and demand to use Bitcoin or Ether

• Bitcoin fees remain calm despite the price appreciation, a common trend during 2025 since most trading activity is settled offchain.
• Ethereum fees followed the same dynamic, despite its sustained 20% price rally.

Exchanges Netflows — The net amount of inflows minus outflows of a specific crypto-asset going in/out of centralized exchanges

• BTC’s inflows despite its $100K breakout could be due to some hedging/rebalacing activities.
• ETH’s exchange outflows continue accelerating for the third week in a row, fueled by its large price appreciation.

Bitcoin has once again broken the $100,000 mark, reaching $104,000, its highest point since January 2025. This surge is attributed to a combination of factors, including positive macroeconomic indicators (better than expected jobs report), renewed interest from institutional investors, and optimistic geopolitical news, particularly surrounding the US-UK trade agreements hinted at by President Trump.

Bitcoin’s market dominance continues to rise, surpassing 60%, a level not seen since early 2021, indicating strong investor confidence in Bitcoin compared to other cryptocurrencies. The current dominance at 64% is the highest January 2021. This has the market keenly observing whether we are mirroring that pivotal moment in 2021. Back then, Bitcoin’s relentless dominance eventually reached a peak, setting the stage for a shift. This decline paved the way for an explosive altcoin season of very rapid gains.

The question on everyone’s mind now is: are we on the cusp of a similar transition, where Bitcoin’s current strength will ultimately give way to a potentially lucrative altcoin rally?

IntoTheBlock Balance By Time Held Via TradingViewHowever, a deeper dive into on-chain data suggests we haven’t yet reached that same tipping point. Examining the Bitcoin balance held by active traders (those who have moved coins within the last month) reveals a key pattern. Historically, significant spikes in this indicator have coincided with BTC price tops and a subsequent decline in its dominance as traders rotated profits into altcoins.

Currently, these active trader balances remain at relatively mild levels. This suggests that trading activity isn’t yet excessive, implying there could still be room for BTC price to appreciate further in the medium term before we see a significant cooling off period that might trigger a shift in dominance towards altcoins.

Therefore, based on this on-chain metric, the pivotal point that preceded the altcoin surge of 2021 still appears to be some distance away.

Coinbase’s Bets Bold on Options With Deribit Acquisition

Coinbase’s landmark $2.9 billion acquisition of Deribit, the largest in crypto history, immediately establishes Coinbase as a leading force in the crypto derivatives market. This strategic move provides Coinbase with global leadership in crypto options trading, complementing its existing futures offerings. The purchase is driven by the increasing demand for sophisticated crypto derivatives from institutional and experienced retail investors seeking hedging and advanced trading tools. Deribit, the dominant options platform with substantial trading volume and a strong institutional presence, particularly outside the U.S., brings a robust and profitable business to Coinbase.

This acquisition carries significant implications. It positions Coinbase to benefit from the anticipated growth of the crypto options market and diversifies its revenue streams beyond spot trading. By offering a comprehensive suite of trading products, Coinbase enhances its appeal to institutional investors, potentially boosting trading volumes and market share. Furthermore, the deal could facilitate the introduction of more advanced crypto derivatives in the US, signaling a maturing market.

IntoTheBlock Capital Markets AnalyticsThis acquisition unfolds against a backdrop of divergent market trends. As illustrated in the chart chart above, while BTC and MicroStrategy experienced positive price movements over 1 year with +7% and +27%, Coinbase stock faced a notable decline of -24%. The acquisition of Deribit, a leading crypto options platform, represents a significant strategic shift, and Coinbase likely anticipates that this bold move into a high-growth sector will positively reshape investor perspectives on the stock’s future performance compared to the trends observed in the past year.

As we close out this week, the main stories were Bitcoin’s breakout above $100,000, its increasing dominance, and the significant Coinbase-Deribit deal. These events reflect a changing market. Our data indicates Bitcoin could potentially move higher before a major altcoin rally, but remember that market conditions are always fluid.

Bitcoin Roars Back at $100K was originally published in Sentora on Medium, where people are continuing the conversation by highlighting and responding to this story.