Bitcoin ETFs Attract Over $590 Million in Inflows Amid Market Stability
Bitcoin and the broader crypto markets experienced minimal changes over the past 24 hours, with ETFs linked to Bitcoin seeing inflows exceeding $590 million on Monday, marking a six-day streak.
- First week of inflows since late March.
- BlackRock's IBIT led with $970 million; Ark's ARKB saw outflows of $200 million.
- BTC remained above $94,000, a key resistance level.
- XRP, ETH, ADA, and BNB were stable; SOL dropped 2% and XMR fell 8.5% after a hacker exchanged $330 million in BTC for it.
- Nexo surged 8% after announcing its return to the U.S. market focusing on AI applications.
Traders await data releases this week, including GDP and unemployment figures, as market sentiment weakens post-U.S. tariffs. The dollar index decreased nearly 6% in the past month, influencing demand for Bitcoin.
A rising correlation between Bitcoin and M2 money supply is noted, with traders suggesting that increased M2 may lead to higher BTC prices as investors seek inflation protection. Conversely, a decrease in M2 could negatively impact Bitcoin values.
Analysts express medium-term bullishness on BTC, anticipating monetary easing due to economic slowdowns caused by tariffs.