BlackRock leads the inflow of Bitcoin ETF funds.
In Asia, high-net-worth capital is also undergoing reallocation, with funds withdrawing from dollar-linked instruments and shifting towards gold, Chinese concept stocks, and crypto assets, further solidifying this region's focus on Bitcoin.
The core driver behind this historical new high comes from a surge in spot demand from institutions and retail markets; this rally is not driven by leverage but is propelled by real buying activity.
The leader in this regard is BlackRock's iShares Bitcoin Trust (IBIT), which has consistently dominated the inflow rankings for U.S. Bitcoin ETFs since mid-April.
According to Galaxy Digital's latest report, the market perception of Bitcoin as a 'digital store of value' is continuously solidifying, a view echoed by BlackRock's head of thematic investing, Jay Jacobs: many countries around the world are gradually de-dollarizing, and asset allocation is starting to shift from the dollar to gold and even Bitcoin.
Market structure supports the bullish narrative.
The current market structure further reinforces the bullish logic. Bitcoin has remained above $100,000 for nearly two weeks, recently closing multiple times around $106,500, with technical indicators showing strong support.
Historically, there have only been four instances where the daily closing price was above the current range. From a technical perspective, this breakout has a high structural significance.
In addition, according to CoinGlass data, there are currently about $1.2 billion in short orders concentrated in the $107,000 to $108,000 range. If prices continue to rise, it may trigger a massive short squeeze, pushing the market quickly up to the $115,000 to $120,000 range.
ETF funds continue to flow in, coupled with an increase in Ethereum spot ETF volume, the current market environment tends to rise further.
Data provided by Farside shows that the Bitcoin ETF has recorded net inflows for the past five trading days, signaling positive signs of institutional capital returning to the market.
From May 14 to May 20, all trading days except one recorded positive inflows. Particularly on May 19, the net inflow reached $667.4 million, followed by $329.2 million on May 20, indicating that funds are positioning themselves in advance for a potential breakout.
These data indicate that investors are actively responding to the structural opportunities arising from a warming macro sentiment and regulatory clarity, with clear intentions to build positions.
Although some analysts warn that the market may see a phase of profit-taking, on-chain indicators show that the current risk-reward ratio has not yet entered the overheating zone (currently at 99, well below the warning threshold of 200).