Bitcoin ETFs Regain Momentum With $420M Inflow As BTC Price Eyes $100K – Crypto News – Crypto News
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Bitcoin ETFs Regain Momentum With $420M Inflow As BTC Price Eyes $100K – Crypto News

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Bitcoin ETFs Regain Momentum With $420M Inflow As BTC Price Eyes $100K

After a brief pause mid-week, U.S. Spot Bitcoin ETFs roared back on May 1 with a net inflow of $422.5 million, signaling renewed institutional interest.

BlackRock’s IBIT led the inflows as it attracted a massive $351.4 million, while Fidelity’s FBTC and Bitwise’s BITB added $29.5 million and $38.4 million, respectively. In contrast to the ongoing trend of consistent outflows, Grayscale’s GBTC also posted a modest $16 million inflow.

Bitcoin ETFs Rekindle After a Brief Lull

On Wednesday, investors appeared to be growing cautious about the prospects of the US Spot Bitcoin ETF, with the combined ETF outflow mounting to $56.3 million. The outflow on April 30 indicated unusual dampening of institutional interest, with some seeing it as a threat to the ongoing rally.

However, the rally continued strongly this week with BTC price climbing to $96,744 at the time of writing, with intraday highs touching $97,360. This is the highest level BTC prices have surged since Feb 22, earlier this year.

The resurgence in BTC ETF inflows, coupled with BTC price momentum, has reignited discussions about the cryptocurrency recapturing the coveted $100,000 mark in the near term.

BTC Price In For Key Resistance

The sustained interest from institutional investors, possible regulatory backing, and the broader adoption of Bitcoin ETFs are driving the BTC prices as well. The inflows on May 1 suggest a growing confidence in Bitcoin’s long-term prospects, even as the broader market grapples with regulatory uncertainties and macroeconomic factors.

However, the BTC order book shows a significant liquidity concentration around $97,000, marking a key resistance level. Analysts suggest that this resistance could define the price trend for the next few days. If Bitcoin clears this roadblock, $100K wouldn’t seem too far-fetched. A recent Matrixport report even hinted at a potential BTC rally to $106K if it breaks through the crucial resistance.

The US Spot BTC ETFs have seen unprecedented inflows recently, with the total cumulative flow reaching $39 billion within one and a half years of their existence, as per the data from Farside Investors.

As Bitcoin continues its upward trajectory, the crypto community is closely watching ETF flows and price movements for signs of the next significant breakout.

The post Bitcoin ETFs Regain Momentum With $420M Inflow As BTC Price Eyes $100K appeared first on CoinGape.

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