Bitcoin prices rose above the $100,000 price level on Monday for the first time since Dec. 19, after weeks of volatility.

In the weeks following the U.S. presidential election, bitcoin gained more than 50%, hitting an all-time high of around $108,000 in mid-December, amid investor optimism that the incoming Trump administration will adopt policies that support the cryptocurrency market. The rally stalled during the holiday season, with bitcoin falling to around $92,000.

The digital currency was trading at around $102,000 early Monday afternoon, up from an intraday low of around $98,000, with little in the way of news to spark the turnaround.

What Pushed Bitcoin Above $100K Again?

One possible factor to consider is a reversal in flows for spot bitcoin exchange-traded funds (ETFs). After struggling with multiple days of significant outflows, spot bitcoin ETFs recorded inflows of $908.1 million on Friday, according to data from Farside Investors. Starting Dec. 19, just a few days after bitcoin surpassed $108,000, spot bitcoin ETFs have seen roughly $1.9 billion in outflows.

When investors put money into spot bitcoin ETFs, these products buy bitcoin and that demand pushes up bitcoin prices. Massive demand from spot bitcoin ETFs drove the rally in bitcoin prices early last year, and could do so again.

"I would have predicted a rough patch for the [bitcoin] ETFs given the drop below $100k (overdue for a breather) but no, they roared back with nearly $1b Friday, which lifted the 1W to positive net," Bloomberg ETF analyst Eric Balchunas noted on X.

Also worth noting: MicroStrategy (MSTR) bought more bitcoin for a ninth consecutive week, though at $101 million this most recent purchase is less than what had been seen in previous weeks. That alone couldn't have prompted such a big reaction in bitcoin's price, even if MicroStrategy is considered a bitcoin proxy.