- Bitcoin surpassed $100,000 on May 8, coinciding with ongoing inflows into spot Bitcoin ETFs by institutional investors.
- Major Bitcoin ETFs, including those from ARK 21Shares, Fidelity, and BlackRock, recorded substantial investments, indicating continued interest from large financial institutions.
- Analysts note ETF inflows reinforce a bullish outlook, despite outflows from the Grayscale Bitcoin Trust due to higher fees and market uncertainties.
Bitcoin rose above $100,000 again on May 8 as institutional investors increased their holdings, according to data from Farside Investors. Spot Bitcoin exchange-traded funds (ETFs) reported combined net inflows of $142.3 million on May 7, signaling what Obchakevich Research founder Alex Obchakevich called sustained institutional demand.
ARK 21Shares Bitcoin ETF (ARKB) led with $54 million in new investments, followed by Fidelity’s Wise Origin Bitcoin Fund (FBTC) at $39 million and BlackRock’s iShares Bitcoin Trust (IBIT) with $37 million. Arkham Intelligence data revealed that BlackRock added more than 86 Bitcoin worth $8.4 million in a single transaction on May 7. Further ETF data showed on May 8 alone, inflows totaled over $117 million, with IBIT drawing $69 million, FBTC $35 million, and ARKB $13 million.
Obchakevich highlighted the link between Bitcoin and technology stocks, reporting that correlation with the Nasdaq index reached 0.75. He said, “The positive movement of the Nasdaq on May 8–9 supported BTC, which led to growth above $100,000.” He also noted strong IBIT inflows of $675 million as early as May 2, suggesting a current trend of institutional buying is likely to persist barring major economic or geopolitical disruptions.
While several key ETFs show steady or rising inflows, Obchakevich pointed out ongoing outflows from the Grayscale Bitcoin Trust (GBTC). He stated these withdrawals are due to GBTC’s relatively high fees of about 1.5%, which have driven some investors to seek lower-cost options, impacting Bitcoin’s price and the broader market. Obchakevich attributed the movement out of GBTC to factors including tariffs, political risk, and the current conflict between Pakistan and India, stating, “The GBTC outflow is related to these factors as investors are not confident in the stability of GBTC.”
The absence of similar outflows from other large ETFs, he said, supports the view that many institutional investors remain optimistic about Bitcoin’s prospects. For more price movement updates, see CoinMarketCap, and for ETF-specific data, visit Farside Investors or Arkham Intelligence.
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