Bitcoin has surged to $94,320, driven by unprecedented inflows into Spot Bitcoin ETFs, making it the fifth largest asset globally by market capitalisation, surpassing major tech companies like Amazon and Alphabet. Recent ETF activity has sparked four consecutive days of substantial inflows, raising questions about future price movements as Bitcoin eyes the $100,000 mark.
Bitcoin has experienced a significant rally, reaching a peak price of $94,320 in the last 24 hours. This price surge contrasts sharply with a previous tight trading range between $80,000 and $85,000 that characterised most of April. The recent surge in price can be largely attributed to heightened institutional activity, particularly through Spot Bitcoin ETFs.
Recent data from SoSoValue reveals that US-based Spot Bitcoin ETFs saw remarkable inflows, recording $936.43 million in net inflows on Tuesday, April 22—making it the best day for ETF activity since January. The day after, Wednesday, April 23, continued this trend with inflows amounting to $916.91 million. Notably, BlackRock’s iShares Bitcoin Trust led the pack with $643.16 million pouring in, followed by Ark & 21 Shares’ ARKB with $129.5 million.
Spot Bitcoin ETFs are now on a four-day streak of inflows exceeding $100 million, a feat not seen since late January. This notable resurgence follows a period of inactivity that left many traders doubting sustained institutional interest. The burst of inflows coincides with Bitcoin’s price rally, indicating a strong correlation between ETF activity and Bitcoin’s spot pricing.
Bitcoin’s price momentum has pushed it into an elite position in the global market, surpassing both Alphabet and Amazon. As of this writing, Bitcoin’s market cap exceeds $1.87 trillion, outpacing these tech giants, particularly as their stock prices have decreased over the last month.
This current positioning not only showcases Bitcoin’s strength as a leading cryptocurrency but also establishes it as a major player on the global economic stage. In fact, Bitcoin is outperforming the NASDAQ 100, with analysts noting signs of decoupling from traditional indices. Looking ahead, the focus shifts to whether Bitcoin can establish itself above the $100,000 mark by the end of April. The current $94,000 level now acts as a resistance point, with potential short-term profit-taking possibly leading to price adjustments.
