Bitcoins increase over $ 110,000 this time looks different – here is the reason

The return of Bitcoin to the six -figure area has re -losing optimism on the market, but unlike the short -lived upswing in January, the current rally seems to be on a firmer ground.

This time macroeconomic indicators speak for Bitcoin. The US dollar index (DXY) has fallen from 109 to under 100 since the beginning of the year, while the returns have dropped to 4.52 %. This relaxes the financial conditions and increases the demand for risk -friendly systems. Even with yields of 30 years of government bonds of over 5 %, the market sees this as support for systems that are considered to be inflation-especially gold and Bitcoin.

The liquidity of stable coins is currently increasing rapidly. The entire market capitalization of dollar-bound systems such as USDT and USDC has increased to an all-time high of $ 151 billion, an increase of almost 9% since the winter months. Analysts interpret this as a sign that the capital on the market is prepared and thus fueled the upward potential of cryptocurrencies.

In contrast to previous bull courses, which were driven by speculation in private customer business, the current dynamics of institutional currents seem to be worn. Spot-Bitcoin ETFs recorded cumulative inflows of over $ 42.7 billion and thus exceeded the highest level in January. The open interest in CME futures rose to $ 17 billion. Although the upward trend is still under its highest level in December, it signals an increasing institutional activity.

This time the wave of speculative coins is striking. Token like Doge and Shib remain largely inactive, which indicates a more moderate market mood. The financing rates for perpetual futures are also steamed, which indicates that the leverage effect has not overheated the system.

In contrast to previous euphoric tips, this rally has the characteristics of a structurally solid increase – less by hype than through fundamental data, liquidity and institutional conviction.