Bitcoin surged past $96,000 on Tuesday, reaching its highest level in over a month as the record-breaking rally in equities spilled over into crypto markets. The largest cryptocurrency by market cap touched $96,540 on Coinbase in early afternoon trading before settling near $95,900, representing a 3.6% gain on the day. Ethereum is mirroring the move, climbing 4.1% to $3,680, while the broader CoinDesk Market Index is up 3.8% — its best single-day performance in three weeks.
The catalyst is unmistakable: the S&P 500’s record run and Micron’s trillion-dollar milestone are reinforcing a risk-on narrative that crypto traders are eagerly riding. Monday’s massive rally — which saw the Nasdaq gain 1.8% and the S&P notch its 20th record close of 2026 — has created a ‘rising tide lifts all boats’ environment. Spot Bitcoin ETF inflows tell the story: Tuesday saw $312 million in net inflows, with BlackRock’s IBIT leading at $168 million, per CoinGlass data. That marks the fifth consecutive day of net positive flows, the longest streak since early April.
On-chain data supports the bullish price action. Exchange balances have dropped to 2.31 million BTC — the lowest level since December 2023, according to Glassnode. Perpetual swap funding rates remain neutral at 0.007% per eight hours, suggesting the rally is being driven by spot accumulation rather than leveraged speculation. The basis trade is also regaining traction: Bitcoin annualized basis on Binance futures widened from 7.1% to 9.4% overnight, signaling institutional demand via cash-and-carry strategies.
Altcoins are participating broadly. Solana (SOL) is up 5.8% to $172, Cardano (ADA) has gained 4.5%, and Chainlink (LINK) is leading large-cap alts with a 7.2% jump. The DeFi sector is catching a bid as well — Uniswap’s UNI token is up 5.1%, while Aave’s AAVE is ahead 4.3%. Total crypto liquidations over the past 24 hours sit at just $98 million across all assets — low for a move of this magnitude — confirming this is genuine buying pressure rather than a short squeeze. The next resistance level for Bitcoin sits at $98,500, a line that if breached opens the path to a retest of the $100,000 mark.
