Bitcoin ETFs attracted $442 million in inflows yesterday, marking the seventh consecutive day of positive accumulation.
Total assets under management now stand at $108 billion, according to data from CoinGlass, reaching its highest level since late February, as Bitcoin continues its recovery from the low $80,000 range this week.
BTC, the original cryptocurrency, is currently trading at $95,160—its strongest showing since the last week of February.
This week’s ETF inflows peaked at $912.7 million and $917 million on Tuesday and Wednesday, when President Donald Trump signalled that tariffs on Chinese goods may soon “come down substantially.”
Bitcoin had actually begun rising from the low $80,000 range on Monday, when ETF inflows reached $381.3 million, the highest level since January.
ETFs had suffered substantial daily outflows through much of February, March and April, peaking with a one-day exodus of $1.01 billion on February 25.
Kathleen Brookes, the Research Director at XTB, told Decrypt that Bitcoin’s performance this week partly stems from its correlation with the Nasdaq, which is up by around 5% in the past seven days.
“The upward momentum in growth stocks in the U.S. is boosting sentiment towards Bitcoin and other crypto assets,” she said. “Bitcoin and the Nasdaq have seen a strengthening positive correlation since the start of the year, which is now above 50%, so it is to be expected that BTC ETF flows will move in the same direction as the Nasdaq more than half the time.”
Yet according to Brookes, it isn’t only the correlation with growth stocks that’s driving ETF inflows, since the cryptocurrency has generally “outperformed risky assets” this month, amid the ongoing tariff war.
“We think that weakness in the dollar, and chatter about a structural shift out of the dollar and reduced confidence in US financial institutions is also fuelling demand for crypto,” she added.
This is also a view taken up by eToro analyst Simon Peters, who told Decrypt that BTC has not only seen its correlation with U.S. markets decline since President Donald Trump’s so-called Liberation Day, but also its correlation with gold increase.
“Amidst the uncertainty surrounding U.S. and China trade and tariffs, and potential increased recession risks in the U.S., we have seen gold trend to record highs, and Bitcoin—dubbed as ‘digital-gold’ due to its scarcity characteristics—is potentially following suit,” he said.
Peters suspects that the Bitcoin price will trend higher over the next one or two weeks, helped along by an increase in the money supply.
“Sentiment is above neutral (according to the Crypto Fear & Greed Index) at this moment in time and global liquidity,” he explained, “essentially how much money is available in the global economy and a metric which the bitcoin price tracks closely, is forecast to increase throughout the year.”
Brooks is a little more cautious in her forecast, given Bitcoin’s historical volatility, yet she believes that the Nasdaq’s performance could help it maintain its recent winning streak.
“If the tariff uncertainty moderates, then this will have a positive impact on Bitcoin, especially if the dollar continues to see outflows,” she said.
She also adds that Bitcoin may see further upside if it clears the Fibonacci retracement level of $95,400, which is the 61.8% retracement of the January peak to the April low.
The Fibonacci retracement is a popular technical analysis tool that designates significant price highs and lows—typically at 23.6%, 38.2%, 50%, 61.8%, and 78.6%. For example, after a stock rises from $100 to $150, traders might look for potential support at the Fibonacci retracement levels of that uptrend, around $137.1 (23.6% retracement), $130.9 (38.2%), $125 (50%), $119.1 (61.8%), and so on.
Edited by Stacy Elliott.
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
