On May 1, spot Bitcoin ETFs recorded a net inflow of $422 million, signaling a significant shift in investor sentiment and restoring confidence in the asset.
ETF Inflow
On May 1, the inflow into spot Bitcoin ETFs reached $422 million, following a period of slowed activity in the market. BlackRock's IBIT ETF accounted for the bulk of this inflow, contributing $351 million and indicating renewed institutional interest in Bitcoin.
Technical Analysis of Bitcoin
Bitcoin’s market value surged to $96,681, breaking through all moving averages at 50, 100, and 200 days. Current technical indicators confirm a bullish market sentiment, with Bitcoin receiving support from ETF interest.
Impact of Trading Volume on Market Dynamics
Despite positive price and ETF data, spot exchange volume remains relatively low, potentially indicating weak retail participation. However, the current rally appears to be driven by institutional players, decreasing the impact of lower volumes in the short term.
The renewed activity in ETFs significantly shifts the outlook for Bitcoin in May. If demand continues to rise, particularly from funds like IBIT, the asset could maintain its current momentum.
