Bitcoin crossed a $ 100,000 mark again on May 8 as institutional investors continued to stack the Sat.
Farside Investor ‘ Data Showing the Bitcoin area (Btc) recorded funds exchanged by the exchange (ETF) with a combined net inflows of $ 142.3 million on May 7, with a sign of “long institutional interest,” according to the founder of Obchakevich Research, Alex Obchakevich.
“These flows indicate the activity of institutional investors, including fence funds and asset managers, which continue to accumulate BTC through regulated instruments,” he said.
The Ark 21shares Bitcoin ETF (ARKB) led the $ 54 million in the flow, followed by the wise source of the Bitcoin Fund (FBTC) of Fidelity and the Blackrock’s Ishhares Bitcoin Trust (IBIT) for $ 37 million. Data from Arkham Intelligence Shut up Blackrock got more than 86 Bitcoins worth $ 8.4 million in a single transaction on May 7.
Related: Bitcoin prices take $ 100k for the first time since January
ETF flowers show bullish momentum
On May 8, Bitcoin ETFS saw more than $ 117 million worth of flow, this time Ibit led $ 69 million, followed by FBTC with $ 35 million and ARKB with $ 13 million. Obchakevich also taught the strengthening of the relationship between bitcoin and tech stocks. “The BTC’s relationship with Nasdaq is 0.75, indicating the influence of sentiment on the tech market,” he said, and added:
“The positive movement of the NASDAQ on May 8-9 was supporting the BTC, which led to a growing increase of over $ 100,000.”
Obchakevich said the positive trend moved away until May 2, when the Ibit’s flows were as high as $ 675 million. He said that a continuation of this trend was the most likely outcome:
“The institution’s purchase is likely to continue on May 8-9, unless there are sharp macroeconomic or geopolitical shocks.”
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Grayscale Bitcoin Trust plays a variety of rules
Obchakevich explained that “the absence of significant flow to the major ETFs other than the Grayscale Bitcoin Trust (GBTC) supports the hypothesis that whales and funds remain bullish.” GBTC’s flows, he said, are justified by various factors.
Obchakevich said GBTC outflows “are of particular importance because it is the largest Bitcoin ETF, and its high fee ~ 1.5% drives investors to move to cheaper successors, affecting the price of bitcoin and dynamics in the market.” According to the analyst, GBTC outflows are caused by “a combination of factors that begin with tariffs, political crises, and the conflict between Pakistan and India.” He added:
“GBTC flow is associated with these factors because investors are not confident in GBTC’s stability.”
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