BlackRock’s ETF Inflows Surpass $43B, Bitcoin (BTC) Price Breaks $97K

Coinspeaker
BlackRock’s ETF Inflows Surpass $43B, Bitcoin (BTC) Price Breaks $97K

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.

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BlackRock’s ETF Inflows Surpass $43B, Bitcoin (BTC) Price Breaks $97K