Ultimate Guide: Bitcoin Rallies As Spot Etf Inflows Soar, But $105k Looks Out Of Reach

Bitcoin finds renewed strength as inflows to the spot BTC ETFs resume, but data questions whether bulls can push the price to $105,000.

Bitcoin’s move above $97,000 lacks confirmation in derivatives markets, with the options skew signaling caution toward any sustained rally.

Geopolitical risks, falling treasury yields and weakening equities reinforce a risk-off setting that continues to limit Bitcoin’s upside.

Bitcoin (BTC) price surged to its highest levels in more than 60 days after posting a 5.5% gain on Wednesday. The move followed $840 million in inflows into spot Bitcoin exchange-traded funds (ETFs) on Monday and Tuesday. With Bitcoin finding footing on the upside, are further gains toward $105,000 likely in the near term?

Bitcoin’s rally toward $97,000 contrasts with the continued weakness of the tech-heavy Nasdaq Index, which has repeatedly failed to reclaim the 26,000 level last seen in early November 2025. Investor sentiment remains mixed, as Bitcoin still trades 23% below its $126,219 all-time high, while gold and silver prices reached record highs in 2026, signaling a stronger bid for traditional safe-haven assets.

Professional traders have yet to turn bullish, according to the BTC options delta skew metric, as put (sell) options continue to trade at a premium. The BTC options delta skew currently stands at 4%, unchanged from one week earlier, indicating stable risk perception despite the rally above $96,000 on Wednesday. Traders remain skeptical about sustained gains above the $100,000 level.

Typically, when whales and market makers grow optimistic, the skew turns negative, reflecting increased demand for neutral-to-bullish option strategies. Instead, Bitcoin bears were caught off guard, as the recent price advance triggered $370 million in liquidations of leveraged short (sell) positions over two days, the highest total since October 2025.

Part of the lack of optimism can be linked to geopolitical tensions after protests in Iran prompted military threats from US President Donald Trump, including a potential additional 25% import tariff on countries “doing business with the Islamic Republic of Iran.” Investors fear that US relations with China and India could deteriorate if the proposal moves forward.

Investor confidence has also been pressured by the Trump administration’s intention to gain control of Greenland. Trump has argued that the self-governing territory of Denmark is critical to US national security. German Defense Minister B

Source: CoinTelegraph