Bitcoin’s ascent gathered fresh momentum on Tuesday, charging above the $94,000 mark and extending the gains to 26% since April 9. Three interlocking forces—geopolitics, strategic balance-sheet demand, and resurgent exchange-traded-fund flows—coalesced over the past 24 hours to ignite the rally.
The initial indication emerged from Washington, as US President Donald Trump hinted at a partial easing of tensions in his protracted tariff conflict with Beijing. Sitting behind the lectern at the White House, Trump declared that duties on Chinese imports “will come down substantially, but it won’t be zero,” before insisting he would “be very nice to China” so long as both sides reach a deal. Macro economist Alex Krüger summarized the president’s comments in a widely shared X post, highlighting that Trump had “just ticked most de-escalation / bullish boxes.” Among the verbatim phrases Krüger highlighted were: “Tariff on China will not be as high as 145%,” “It’ll come down substantially,” and, when asked whether he would “play hardball,” the president’s succinct “No.”
Equity indices reacted swiftly, yet Bitcoin’s shift was notably more pronounced, highlighting the market’s acute sensitivity to macroeconomic uncertainties—and to any indication that the Federal Reserve’s trajectory might lean more dovish if trade tensions were to diminish.
While geopolitics established the backdrop, a secondary impetus emerged from Wall Street: the anticipation of a multibillion-dollar balance-sheet proposal for Bitcoin led by the forthcoming generation of the Lutnick family. As reported by the Financial Times, Brandon Lutnick, who has recently taken on the role of chair at Cantor Fitzgerald and is the son of Commerce Secretary Howard Lutnick, is establishing “Cantor Equity Partners” in collaboration with SoftBank, Tether, and Bitfinex. The consortium intends to establish a new entity, 21 Capital, with an infusion of around $3 billion in Bitcoin. Tether plans to contribute $1.5 billion worth of the asset, while SoftBank is set to invest approximately $900 million, and Bitfinex is expected to provide around $600 million, according to the report, which also noted that these figures may change prior to a formal announcement anticipated in the coming weeks. On X, Texas Bitcoin Foundation board member Tuur Demeester articulated the implications succinctly: “This announcement could explain why bitcoin is up 12% in the past week.”
The third leg of support emerged from the US spot Bitcoin ETF market, where inflows shifted significantly back into positive territory. Data compiled across issuers indicate that aggregate net inflows reached $911.2 million on Tuesday, marking the most significant daily total since January 17, when pre-inauguration optimism surrounding Trump’s “crypto president” rhetoric resulted in $975.6 million. Fidelity’s FBTC absorbed $253.8 million, Ark Invest’s ARKB attracted $267.1 million, and BlackRock’s market-leading IBIT added $192.1 million, while the smaller Grayscale Bitcoin Trust (GBTC) reversed weeks of redemptions with a $65.1 million intake.
The turnaround commenced on Monday, as the cohort attracted $381 million—marking the conclusion of a multi-week period characterized by outflows—and gained momentum as Bitcoin surpassed the $90,000 mark. The two-day, $1.29 billion surge indicates a significant resurgence in institutional interest.