Institutional Bitcoin ETF Inflows Surge
Spot Bitcoin ETFs in the U.S. drew over $172 million on Tuesday alone, marking the eighth straight day of net positive flows and lifting the eight-day total above $1.1 billion. BlackRock’s IBIT commanded attention with $216.7 million of fresh capital, driving its cumulative inflow past $42.4 billion, while Bitwise’s BITB saw $24.4 million exit but still retains $2.05 billion in lifetime net subscriptions. These inflows underscore mounting institutional conviction that BTC-USD belongs in diversified portfolios.
Futures Open Interest Pullback Highlights Profit-Taking
As BTC-USD climbed from $93,723 to a weekly high near $97,815, open interest in Bitcoin futures declined by 3 percent to $61.81 billion. This inverse relationship—rising price alongside falling open interest—signals that leveraged traders are closing positions to lock in gains rather than establishing new longs. Yet a slightly positive funding rate of 0.004 percent confirms that, overall, bulls remain willing to pay shorts for leverage, reflecting measured optimism.
MicroStrategy Accelerates Bitcoin Accumulation
MicroStrategy acquired an additional 15,355 BTC at an average cost of $92,737 between April 21 and April 27, boosting its total holding to 553,555 BTC at a $68,459 average price. Despite reporting a Q1 net loss of $16.49 per share—far worse than the anticipated $0.11 loss—the company realized a $4.1 billion Bitcoin gain and raised its 2025 Bitcoin-gain target to $15 billion. Such large corporate purchases reaffirm BTC-USD’s growing role as a strategic treasury reserve.
Technical Outlook: Steady Breakout and Key Levels
After clearing the pennant top at $90,787, BTC-USD has respected that level as support and pressed higher toward resistance around $97,500, with the next supply zone at $104,485–$108,000. The 100-hour SMA now underpins the $95,000 area. On the daily chart, the RSI hovers near 70, indicating strong momentum but caution for potential pullbacks. Price action remains orderly—clean candles with minimal wicks—affirming buyer control without the frenzy of a parabolic spike.
On-Chain Dynamics Favor Bulls
Exchange wallet balances continue to shrink as long-term holders remove coins into private custody, reducing available sell-side liquidity. This supply contraction, paired with a recent $7.2 billion options expiry that failed to trigger significant selling, sets a bullish on-chain backdrop for BTC-USD’s next advance.
Mainstream Financial Firms Expand Crypto Services
New guidance from U.S. regulators now allows national banks and federal savings associations to offer crypto custody, stablecoin activities, and access to independent verification networks. Morgan Stanley’s plan to add spot crypto trading to E*Trade next year and SoFi’s relaunch of in-app crypto investing under its new bank charter will make BTC-USD more accessible to everyday investors.
Regulatory Catalyst on the Horizon
The U.S. Treasury’s May 5 deadline for recommending a Strategic Bitcoin Reserve carries significant weight. A favorable assessment could pave the way for official allocations, while a cautious stance may temper near-term exuberance. Meanwhile, shifts in trade policy and Fed rate outlook will continue to influence BTC-USD as investors navigate macro uncertainty with the cryptocurrency’s store-of-value narrative.
