Bitcoin Surges 7.91% Weekly, Hits $103,558.88 as Institutional Interest Soars

Bitcoin has surpassed the $100,000 mark, trading at $103,558.88 with a 0.33% daily gain and a 7.91% increase over the past week. This milestone signifies growing institutional and sovereign interest in the asset. Notably, BlackRock’s spot Bitcoin ETF, IBIT, has recorded significant capital inflows, with $356.2 million on the 9th of May, marking 19 straight days of inflows. This streak reflects increasing confidence among large-scale investors as Bitcoin’s bullish momentum builds.

The IBIT fund has attracted over $1.03 billion in the past trading week, coinciding with a volatile yet upward-trending Bitcoin market. A notable turning point occurred on the 23rd of April when Bitcoin reclaimed the $90,000 level, eventually breaking past $100,000 on the 8th of May. This surge in institutional interest has doubled IBIT’s previous 2025 record, signaling stronger, more sustained conviction among institutional players.

Sovereign interest in Bitcoin is also intensifying, with global entities exploring its potential as a strategic asset. Michael Bucella of Neoclassic Capital highlighted Bitcoin’s resilience and growing relevance in broader macro discussions. He noted that the UAE, alongside many other nations, is buying Bitcoin as a reserve asset. This adoption narrative has gained remarkable momentum, with Bitcoin now holding steady above the $100K mark, making its mainstream integration more tangible than ever.

Rifad Mahasneh, CEO of OKX MENA, emphasized that sovereign wealth funds, particularly in the UAE, are accelerating their engagement with digital assets. He noted that each sovereign fund has its own policies and risk controls that they need to monitor when evaluating entry into the crypto space. This move by the UAE could pave the way for other countries to follow suit, potentially leading to a more widespread adoption of Bitcoin globally.

The UAE's embrace of Bitcoin is part of a broader trend of countries exploring the potential of digital currencies. The IBIT fund's success in attracting $1 billion underscores the confidence that investors have in Bitcoin as a viable asset class. This move by the UAE is not just about financial gains; it is also about positioning the region as a hub for technological innovation. By supporting Bitcoin investments, the UAE is sending a strong message to the global community about its commitment to embracing new technologies. This move could attract more investors and entrepreneurs to the region, further boosting its economic growth.