Bitcoin Surges 15% to $94,320 on Record ETF Inflows

Bitcoin has experienced a significant rally over the past 24 hours, reaching an intraday high of $94,320. This surge marks a departure from the tight consolidation range between $80,000 and $85,000 that had characterized Bitcoin’s trajectory throughout much of April. The rally is attributed to a notable increase in institutional activity through Spot Bitcoin ETFs, which recorded their highest daily inflows since January.

This influx of capital has propelled Bitcoin into the top five largest assets globally, surpassing Alphabet, Silver, and Amazon in market capitalization. According to data from SoSoValue, US-based Spot Bitcoin ETFs saw $936.43 million in net inflows on Tuesday, April 22, marking their best single-day performance since January 17. Wednesday, April 23 also witnessed similar performance, registering inflows of $916.91 million. BlackRock’s iShares Bitcoin Trust (IBIT) led the way with $643.16 million in inflows, followed closely by Ark & 21 Shares’ ARKB with $129.5 million. This marks four consecutive days of inflows of $100 million or more, the last time such a streak occurred was in the last week of January.

These inflows into Spot Bitcoin ETFs follow a period of low activity, which had raised questions about the sustainability of institutional interest. However, the timing of these inflows has been particularly impactful, as Bitcoin’s price surged in tandem with the recent ETF activity, demonstrating the significant influence these ETFs have on the spot price of Bitcoin. The ETF inflows sparked a market reaction that pushed Bitcoin’s total market value to over $1.87 trillion, allowing it to overtake both Google (Alphabet) and Amazon in market cap rankings. This development positions Bitcoin not only as a leading cryptocurrency but also as a top-tier macroeconomic asset, competing on the global stage with traditional tech and commodity giants.

As Bitcoin trades above $90,000 again, the focus shifts to its next potential price level. The bullish trajectory points to the $100,000 price level, and whether Bitcoin can break above this level before the end of April. However, the $94,000 region is now shaping up to act as an early resistance band, and short-term profit-taking could cause pullbacks that might liquidate buy orders. Analysts are pointing to signs of decoupling from traditional indices, with Bitcoin now outperforming the NASDAQ 100.