Bitcoin Reaches $94,320 with Record ETF Inflows and Global Ranking
Bitcoin experienced a significant rally, reaching an intraday high of $94,320 after spending most of the past 24 hours in a tight consolidation between $80,000 and $85,000. This surge is attributed to increased institutional activity through Spot Bitcoin ETFs, which recorded their highest daily inflows since January.
Spot Bitcoin ETFs Report Largest Inflows
- On April 22, US-based Spot Bitcoin ETFs saw net inflows of $936.43 million, the best single-day performance since January 17.
- April 23 also had strong inflows, totaling $916.91 million.
- BlackRock’s iShares Bitcoin Trust led with $643.16 million in inflows.
- Ark & 21 Shares’ ARKB followed with $129.5 million.
- Spot Bitcoin ETFs have now seen four consecutive days of inflows exceeding $100 million.
These inflows follow a period of low ETF activity, raising questions about institutional interest sustainability. The recent uptick has coincided with Bitcoin's price increase, demonstrating the ETFs' influence on its spot price.
BTC Rises in Global Rankings
- Bitcoin's market value surpassed $1.87 trillion as its price crossed $94,000 for the first time in eight weeks.
- This rise positioned Bitcoin as the fifth largest asset globally, surpassing Google and Amazon in market capitalization.
- Bitcoin is outperforming the NASDAQ 100, showing signs of decoupling from traditional indices.
The focus will now shift to whether Bitcoin can break above the $100,000 level before the end of April, with the $94,000 area potentially acting as an early resistance point.
