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Key Notes
- IBIT saw over $350 million in inflows on May 1.
- Spot BTC ETFs surpassed $39.5 billion for the first time since Feb.21.
- Bitcoin finally broke the $97,000 mark.
The increasing investor optimism in volatile assets like Bitcoin BTC $96 611 24h volatility: 2.1% Market cap: $1.92 T Vol. 24h: $29.09 B has brought huge attention to the investment products related to the leading cryptocurrency.
US-based spot BTC exchange-traded funds recorded a net inflow of $422.5 million on May 1, according to data from SoSoValue. Their trading volume reached $3.52 billion.
This brought the cumulative spot BTC ETF net inflow to $39.56 billion, a level last seen on Feb. 21.
BlackRock’s IBIT ETF took the majority of the inflows over the past three weeks — over $3.4 billion in net inflows between April 14 and May 1. IBIT’s total inflows surpassed the $43 billion mark.
According to a Coinspeaker report, Bitcoin whales accumulated over 43,000 BTC between April 13 and 27, showing strong institutional support for the largest digital asset. This helped in Bitcoin’s rally from $75,000 to $97,000 over the past three weeks.
Push or Squeeze?
Thanks to the increasing investor optimism, Bitcoin touched a local high of $97,437 on May 1.
The strong push triggered $88 million in BTC liquidations — $9 million longs and $79 million shorts, according to data from CoinGlass. Dominant short liquidations usually suggest the expectations of a further price rally.
Moreover, CoinGlass data shows that the total crypto open interest increased by 5.2%, reaching $123.8 billion. The indicator suggests that traders are leaning toward the volatile digital asset class.
When OI increases, high price volatilities become the norm and usually hint at a potential market-wide hike.
Bitcoin’s decentralized finance sector could also grow with the latest developments from the Sui network. This can act as a fundamental catalyst for the digital gold.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Bitcoin News, Cryptocurrency News, News
Wahid has been analyzing and reporting on the latest trends in the decentralized ecosystem since 2019. He has over 4,000 articles to his name and his work has been featured on some of the leading outlets including Yahoo Finance, Investing.com, Cointelegraph, and Benzinga. Other than reporting, Wahid likes to connect the dots between DeFi and macro on his newsletter, On-chain Monk.
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