Bitcoin surpassed $100,000 on May 8, driven by substantial institutional investment. Data from Farside Investors indicates that spot Bitcoin exchange-traded funds (ETFs) saw $142.3 million in inflows on May 7, showcasing sustained interest from hedge funds and asset managers. Key ETFs like ARK 21Shares Bitcoin ETF and Fidelity’s Wise Origin Bitcoin Fund led the inflows. Analyst Alex Obchakevich noted a strong correlation between Bitcoin and tech stocks, with Nasdaq’s positive movement supporting Bitcoin’s rise. Despite outflows from Grayscale Bitcoin Trust, attributed to high fees and market uncertainty, the overall trend remains bullish.
— new from Cointelegraph