Institutional investors continue to scoop up Bitcoin above $100K
Bitcoin surpassed $100,000 on May 8, driven by institutional investor interest. Spot Bitcoin ETFs recorded net inflows of $142.3 million on May 7, indicating sustained accumulation by hedge funds and asset managers. The ARK 21Shares Bitcoin ETF led with $54 million in inflows, followed by Fidelity’s Wise Origin Bitcoin Fund at $39 million and BlackRock’s iShares Bitcoin Trust at $37 million. On May 8, Bitcoin ETFs saw over $117 million in inflows, with IBIT leading at $69 million. A strong correlation between Bitcoin and tech stocks was noted, with a correlation coefficient of 0.75 with the Nasdaq. The trend of institutional buying is expected to continue unless disrupted by macroeconomic or geopolitical events. Grayscale Bitcoin Trust (GBTC) experienced outflows due to high fees and investor concerns about stability, while other key ETFs remained stable, suggesting ongoing bullish sentiment among larger investors.
