Bitcoin stabilizes above $94,000 with strong inflows to investment funds
By Shourya Malwa – April 29, 2025, 10:23 AM
Key Takeaways:
Bitcoin and cryptocurrency markets have stabilized amidst strong inflows exceeding $590 million into exchange-traded funds (ETFs).
The BlackRock IBIT fund topped inflows with $970 million, while Ark’s ARKB fund lost around $200 million.
Bitcoin stabilizes above $94,000, with expectations of reaching $100,000 if it surpasses the resistance level.
Market Details:
Cryptocurrency markets have not seen significant changes over the past 24 hours. ETFs continued to attract funds, with an additional $590 million on Monday, completing a streak of six consecutive days of positive inflows.
> Late March saw increased appeal for Bitcoin as a safe-haven asset, prompting institutional investors to pump in more funds.
While the IBIT fund led the scene, ARKB lost $200 million. Bitcoin stabilized in the Asian morning hours above $94,000, a significant technical level that traders expect could pave the way toward $100,000.
Performance of Other Currencies:
XRP, ETH, ADA, BNB: Stabilized with little change.
SOL (Solana): Decreased by 2%.
XMR (Monero): Dropped by 8.5% after a sudden rise of 40%, due to one hacker converting over $330 million from BTC to XMR.
Corporate Movements:
NEXO: Increased by 8% after announcing its return to the U.S. market, with a renewed focus on AI applications.
Market Outlook:
Traders are awaiting important economic data from the U.S. this week, such as GDP and unemployment rate.
Jeff Mei, Chief Operating Officer at BTSE, stated to CoinDesk:
> "Bitcoin maintains its weekly gains as traders await new economic data that may affect the overall market direction."
It was noted that the U.S. dollar fell by 6% last month, its largest drop since 2022, pushing investors towards diversification, including investing in Bitcoin.
Correlation with Money Supply (M2):
The discussion among traders is increasing regarding the relationship between Bitcoin and the rise in global money supply (M2).
> "If M2 rises, it may lead to increased interest in Bitcoin as a hedge against inflation, and vice versa."
Augustin Fan, Head of Insights at SignalPlus, explained:
We see optimism regarding Bitcoin in the medium term due to expectations of monetary and fiscal easing, in response to the economic slowdown caused by tariffs.
