Bitcoin again crossed the $ 100,000 mark on May 8, while institutional investors continue to stack the SAT.
Farside investor data show that Spot Bitcoin (BTC) exchange of funds (ETF) recorded cumulative net inputs of $ 142.3 million on May 7, as a sign of “sustained institutional interest”, according to the founder of Obchakevich Research, Alex Obchakevich.
“These entries indicate the activity of institutional investors, including hedge funds and asset managers, who continue to accumulate BTC through regulated instruments,” he said.
The Ark 21Shares Bitcoin ETF (ARKB) led with $ 54 million in entries, followed by Wise Origin Bitcoin Fund (FBTC) from Fidelity at $ 39 million and the Ishares Bitcoin (Ibit) Trust of Blackrock at 37 million dollars. Arkham Intelligence’s data show that Blackrock has acquired more than 86 bitcoin worth $ 8.4 million in a single transaction on May 7.
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ETF entries show a bullish momentum
On May 8, the Bitcoin ETFs saw more than $ 117 million in entries, this time led by Ibit with $ 69 million, followed by FBTC with $ 35 million and ARKB with $ 13 million. Obchakevich also underlined the correlation of strengthening between Bitcoin and Tech actions. “The correlation of the BTC with the NASDAQ was 0.75, indicating the influence of feeling on the technology market,” he said, adding:
“The positive Nasdaq movement from May 8 to 9 supported the BTC, which resulted in growth over $ 100,000.”
Obchakevich said the positive trend dates back to May 2, when Ibit’s entries were as high as $ 675 million. He said that a continuation of this trend was the most likely result:
“The tendency of institutional purchases should continue on May 8 to 9, unless there have been macroeconomic or geopolitical shocks.”
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Obchakevich explained that “the absence of significant outings in key ETF other than Bitcoin confidence in Gray (GBTC) supports the hypothesis that whales and funds remain optimistic.” GBTC’s outings, he said, are justified by different factors.
Obchakevich said that GBTC outings “are particularly important because it is the largest ETF Bitcoin, and its high costs ~ 1.5% push investors to switch to cheaper alternatives, which affects the price of bitcoin and market dynamics.” According to the analyst, GBTC’s outings are caused by “a combination of factors starting with prices, the political crisis and the conflict between Pakistan and India”. He added:
“The GBTC release is linked to these factors, because investors are not confident in the stability of the GBTC.”
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