Bitcoin ETF Inflows Surge: $420M Boost
Bitcoin ETF Inflows Surge: $420M Boost
Spot Bitcoin ETFs experienced a significant resurgence on May 1st, attracting a net inflow of $422.5 million. This substantial increase signals renewed institutional confidence in Bitcoin.
BlackRock's IBIT led the charge, drawing in $351.4 million. Fidelity's FBTC and Bitwise's BITB contributed $29.5 million and $38.4 million respectively. Even Grayscale's GBTC, which has seen consistent outflows, saw a modest inflow of $16 million.
Bitcoin ETF Rally After Brief Pause
This surge follows a brief period of investor caution. On April 30th, combined ETF outflows reached $56.3 million, raising concerns about the sustainability of the Bitcoin rally. However, the market quickly rebounded.
Bitcoin's price has climbed, reaching $96,744 at the time of writing, with intraday highs touching $97,360—the highest since February 22nd. This price momentum, coupled with the increased ETF inflows, fuels speculation about Bitcoin reclaiming the $100,000 mark.
Key Resistance Level at $97,000
The strong institutional interest, potential regulatory approvals, and broader adoption of Bitcoin ETFs are all contributing factors to the rising BTC price. However, the order book shows significant liquidity around $97,000, representing a key resistance level. Clearing this hurdle could pave the way for Bitcoin to reach $100,000, and some analysts even predict a potential rally to $106,000.
US Spot Bitcoin ETFs have accumulated $39 billion in inflows within a year and a half of their launch. This impressive figure highlights the growing institutional acceptance of Bitcoin.
Disclaimer: This content is for informational purposes only and does not constitute financial advice. Conduct thorough research before making any investment decisions. Codeum is not responsible for any financial losses.
Codeum provides comprehensive blockchain security and development services, including smart contract audits, KYC verification, custom smart contract and DApp development, tokenomics and security consultation, and partnerships with launchpads and crypto agencies. Contact us to learn more about securing your blockchain project.