Institutional investors continue to scoop up Bitcoin above $100K

Bitcoin surpassed $100,000 on May 8th, fueled by substantial institutional investment. Spot Bitcoin ETFs saw significant net inflows totaling $142.3 million on May 7th, reflecting sustained institutional interest. ARKB, FBTC, and IBIT led these inflows, indicating active participation from hedge funds and asset managers. BlackRock's acquisition of over 86 Bitcoin further solidified this trend. May 8th witnessed even larger ETF inflows exceeding $117 million, with IBIT leading again. A strong correlation between Bitcoin and tech stocks, particularly the Nasdaq, contributed to the price surge. This positive trend, evident since May 2nd, is expected to continue barring major macroeconomic or geopolitical events. The absence of significant outflows in major ETFs, except Grayscale Bitcoin Trust (GBTC), supports bullish sentiment among institutional investors. GBTC's outflows are attributed to high fees and concerns stemming from geopolitical instability.