Bitcoin has seen a sudden upward move, climbing past $85,000 on June 3, 2025, at 14:00 UTC, which represents a gain of 7.2 percent within 24 hours. Trading volume spiked to roughly $42 billion across major platforms like Binance and Coinbase, illustrating strong buying interest in the market. This rally comes amid broader bullish sentiment in traditional markets, as the S&P 500 hit a new all-time high of 5,800 points on June 2, 2025, and the Nasdaq climbed by 3.1 percent in the prior week, buoyed by AI and blockchain equities such as NVIDIA and Coinbase Global. Observers note that positive waves in equities may be channeling capital into digital assets, contributing to Bitcoin’s recent breakout.
On-chain metrics show a surge in whale accumulation, with Glassnode data indicating that large holders moved 12,500 BTC into long-term wallets on June 2, 2025, marking a three-month high in accumulation. At the same time, CryptoQuant figures reveal Bitcoin exchange reserves fell by 5,000 BTC between June 1 and June 3, 2025, a sign that selling pressure has eased as coins leave exchange custody. This combination of increased accumulation and declining reserves suggests that large holders are confident in further gains, choosing to lock away coins rather than liquidate positions.
Institutional interest has also played a key role. According to Bloomberg, Bitcoin ETF products like the Grayscale Bitcoin Trust (GBTC) saw net inflows of $320 million on June 2, 2025. On the same date, reports from Mitrade note that Bitcoin ETFs now carry around 1,380,355 BTC, with institutional clients increasingly driving demand and further tightening available supply on exchanges and OTC desks. As a result, institutions are competing to hold more Bitcoin, reinforcing the narrative of digital assets as a strategic reserve and potentially reducing volatility over the longer term.
Technical indicators support the bullish outlook. As of June 4, 2025, Bitcoin’s Relative Strength Index (RSI) on the daily chart stood at 68, signaling continued momentum but approaching overbought thresholds. Ethereum has also flashed a bullish signal: its 50-day moving average crossed above the 200-day moving average on June 2, 2025, confirming a golden cross pattern, which historically indicates sustained upward movement. On-chain metrics reveal that Ethereum addresses in profit stand at around 68 percent as of June 4, 2025, per IntoTheBlock, hinting at strong buyer conviction even as some holders may lock in gains if resistance is met.
The rally in cryptocurrencies appears to mirror broader market dynamics. A recent academic study shows that Bitcoin’s correlation with major U.S. equity indices like the S&P 500 remained high at 0.78 over the previous 30 days. This suggests that as equities see inflows—particularly in tech and blockchain-related stocks—crypto markets benefit from a parallel rise in risk appetite. Traders have observed that on June 3, 2025, 24-hour volume for BTC/USD on Coinbase surged by 18 percent to $9.8 billion, while ETH/USD volumes on Binance rose by 12 percent to around $8 billion, reflecting synchronized buying across both assets. The supply crunch driven by institutional ETF purchases makes dips, such as Bitcoin’s support near $82,000 and Ethereum’s support near $3,100, critical levels for potential entry points as capital flows continue.
Despite the bullish momentum, caution is warranted. Historical patterns suggest that post-golden cross rallies can be followed by short-term pullbacks. Analysts at Binance caution that while the golden cross often leads to a bullish run, Bitcoin has seen corrections of 7–8 percent within weeks after similar signals, as profit-taking intensifies. Indeed, realized profit metrics from Glassnode show profits exceeding $500 million per hour three times within 24 hours on June 3, 2025, indicating some holders are already cashing out. Traders and investors should monitor key support zones and maintain risk management measures in case of a retracement like those seen in February 2021 and March 2024 following previous golden crosses.
Looking ahead, several factors could influence whether this upward trend sustains. The ongoing debate around regulation and the upcoming U.S. macroeconomic data releases may sway sentiment in both traditional and crypto markets. If U.S. consumer price index figures or Federal Reserve policy signals risk-off sentiment, Bitcoin and Ethereum could see downward pressure even if on-chain metrics remain strong.
Conversely, if equities continue to climb, especially in sectors tied to blockchain technology, crypto could maintain its momentum. In the medium term, traders will keep a close eye on Bitcoin’s ability to hold above $85,000 and Ethereum’s capacity to test resistance near $3,300 and $3,500, as outlined by Crypto Rover’s projections.
For now, Bitcoin’s break above $85,000 reflects a confluence of increased whale accumulation, reduced selling pressure, and strong institutional inflows into ETFs, underpinned by bullish technical setups like RSI levels near 68 and Ethereum’s golden cross. As market participants weigh these factors, the balance between continued upside and potential corrections will shape the next phase of this crypto rally.
