Bitcoin exchange-traded funds (ETFs) surged back to prominence on May 1, recording a net inflow of $422.5 million, according to data from Farside Investors. This marked one of the strongest days of institutional buying in recent months and pushed Bitcoin to $97,360, its highest price since February 22.
The lion’s share of the capital came from BlackRock’s iShares Bitcoin Trust (IBIT), which brought in $351.4 million. Fidelity’s FBTC followed with $29.5 million, and Bitwise’s BITB posted $38.4 million. In a notable shift, Grayscale’s GBTC, typically known for consistent outflows, added $16 million.
This sharp reversal comes just one day after combined outflows of $56.3 million raised concerns that institutional interest might be cooling off.
Bitcoin Tests $97K Resistance
Bitcoin’s rally this week reflects growing market optimism. The cryptocurrency is now testing a crucial resistance zone around $97,000, a level with high liquidity concentration. Technical analysts see this as a potential pivot for the next major move.
Recent market conditions have created a favorable setup:
- ETF inflows continue to rise after a brief pause.
- BTC price has gained nearly 7% in the past week.
- Institutional sentiment appears to be improving despite macroeconomic uncertainties.
A Matrixport report earlier this week identified $94,293 as a key technical barrier. With that now behind, analysts suggest a breakout above $97,000 could push Bitcoin toward $100,000, with an upside target potentially extending to $106,000 under ideal market conditions.
Institutional Demand Fuels Momentum
The resurgence in ETF inflows not only reflects renewed investor appetite but also strengthens Bitcoin’s foundation as a mainstream asset. Since the approval of U.S. spot Bitcoin ETFs, cumulative flows have hit $39 billion, reinforcing their role in driving demand.
Additional bullish drivers include:
- Increased regulatory clarity in U.S. crypto markets.
- Sustained stablecoin inflows, signaling capital movement into digital assets.
- Positive macro signals, such as resilient tech stocks and easing inflation expectations.
Bitcoin’s performance continues to attract institutional investors looking for alternative assets amid global economic shifts. The market now awaits confirmation of a breakout past $97,000, which could set the stage for Bitcoin’s long-anticipated move to six figures.
As traders and institutions eye this psychological threshold, all eyes remain on ETF flows and macro signals for the next breakout cue.