Bitcoin ETFs Regain Momentum With $420M Inflow As BTC Price Eyes $100K
On May 1, Bitcoin ETFs experienced an inflow of $422.5 million, indicating a resurgence of institutional confidence.
The price of $BTC reached $97,360, marking its highest level since February 22.
Following a brief mid-week lull, U.S. Spot Bitcoin ETFs surged back on May 1 with a net inflow of $422.5 million, reflecting renewed institutional interest.
BlackRock’s IBIT led the way with an impressive $351.4 million influx, while Fidelity’s FBTC and Bitwise’s BITB contributed $29.5 million and $38.4 million, respectively.
In contrast to the prevailing trend of steady outflows, Grayscale’s GBTC also recorded a modest inflow of $16 million.
Bitcoin ETFs Rekindle After a Brief Lull
On Wednesday, investors seemed to be becoming increasingly wary regarding the future of the US Spot Bitcoin ETF, as the total ETF outflow reached $56.3 million.
The outflow recorded on April 30 suggested a notable decline in institutional interest, with some perceiving it as a potential risk to the ongoing rally.
Nevertheless, the rally persisted robustly this week, with the $BTC price rising to $96,744 at the time of this report, and intraday peaks reaching $97,360.
This marks the highest BTC price level since February 22 of this year.
The revival of BTC ETF inflows, along with the upward momentum in BTC prices, has rekindled conversations about the cryptocurrency potentially reclaiming the significant $100,000 threshold in the near future.
$BTC Price In For Key Resistance
The ongoing interest from institutional investors, potential regulatory support, and the increasing acceptance of Bitcoin ETFs are contributing to the rise in BTC prices.
The inflows recorded on May 1 indicate a strengthening confidence in Bitcoin's long-term potential, despite the broader market facing regulatory challenges and macroeconomic influences.
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