Bitcoin Soars to $97K: BlackRock’s ETF Inflows Rocket, and the Digital Gold Rush Is On!
Well, well, well, if it isn’t the rollercoaster ride that is Bitcoin 🏄♂️. With the kind of investor optimism usually reserved for moonshots and magic beans, Bitcoin is attracting more attention than your cousin’s latest TikTok dance. Who knew that volatile assets like Bitcoin could still get people excited? Oh, wait, we did.
So here’s the juicy bit: US-based spot Bitcoin exchange-traded funds (ETFs) saw a net inflow of a cool $422.5 million on May 1, according to SoSoValue (who, by the way, has some *great* data if you need your digital asset fix). This brought their trading volume up to a mind-boggling $3.52 billion. That’s not just pocket change—it’s a small country’s GDP, give or take.
The total net inflow into these ETFs? A staggering $39.56 billion. That’s right, folks, you read that correctly—back in February, we were here, but now, well, it’s deja vu with a higher price tag. 🎉
And if you thought BlackRock was going to sit this one out, think again. Their IBIT ETF is the true heavyweight champ here, grabbing over $3.4 billion in net inflows between April 14 and May 1. In total, IBIT’s inflows surpassed the $43 billion mark. So yeah, they’re doing pretty well. 💸
Meanwhile, Bitcoin whales have been doing their best imitation of a shopping spree, accumulating over 43,000 BTC between April 13 and 27. Can you blame them? It’s like buying a mansion in the hottest neighborhood before everyone else realizes it’s the hottest neighborhood. 🏡🔥 This frenzy helped Bitcoin’s price bounce from $75,000 to a whopping $97,000 in just three weeks. Move over, real estate market. 👀
Push or Squeeze?
Thanks to all this investor optimism, Bitcoin reached a local high of $97,437 on May 1. And, naturally, that didn’t go unnoticed by the liquidation gods. 💀 Bitcoin’s price surge triggered $88 million in liquidations. Of that, $9 million were from long positions and a hefty $79 million from shorts. Who knew short positions could feel so… uncomfortable? 😬
Typically, when short positions get liquidated, it means traders are betting on a further price surge. So yes, the wild ride may not be over yet. Hold on to your hats. 🎩
But wait, there’s more! CoinGlass—because what’s a financial report without a dramatic name?—also shows that crypto open interest surged by 5.2%, reaching a neat $123.8 billion. In layman’s terms: traders are *very* into this volatile, digital rollercoaster of a market. When open interest goes up, the price volatility usually follows, signaling a possible market-wide rally. So buckle up! 🎢
And as if that wasn’t enough, Bitcoin’s decentralized finance sector might be getting a turbo boost from the latest moves by the Sui network. This could turn Bitcoin’s “digital gold” status into something even shinier—if that’s possible. ⚡
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2025-05-02 15:54