- Bitcoin ETFs attracted $590M in inflows, with BlackRock’s IBIT leading the charge, as BTC held steady above $94K and traders eye $100K.
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While Bitcoin and XRP remained stable, other altcoins saw limited movement, with traders awaiting key U.S. economic data for further market direction.
Despite mixed movements in the crypto market, Bitcoin exchange-traded funds (ETFs) attracted significant investments this week. Major players like BlackRock saw strong inflows, while some altcoins remained flat. Traders are now watching key economic data to gauge Bitcoin’s next move.
Bitcoin ETFs Demand and Market Activity
Bitcoin and the broader crypto market stayed stable, with ETFs pulling in $590 million in inflows over six straight days. BlackRock’s IBIT led the way with $970 million, while Ark’s ARKB saw $200 million in outflows. Bitcoin held above $94,000, and analysts suggest a break past this level could push it toward $100,000. It’s currently trading at $94,925, up 0.25% in the last 24 hours.
Other cryptocurrencies like XRP, Ether (ETH), Cardano (ADA), and BNB Chain (BNB) didn’t move much. Solana (SOL) dropped slightly by 2%. Monero (XMR) fell 8.5% after a big jump the day before. This jump reportedly happened after a hacker swapped a large amount of Bitcoin for Monero.
Among smaller cryptocurrencies, Nexo (NEXO) jumped by 8% after announcing it would return to the U.S. market, focusing on using artificial intelligence. “Nexo returns to the U.S. market.
We are embracing renewed optimism and entrepreneurial momentum to deliver our full products to American clients in a supportive environment,” their X official account stated.
According to Jeff Mei, COO at BTSE, the crypto market is currently holding onto the gains made last week. He mentioned that traders are waiting for important economic data from the U.S., such as information on the economy’s size (GDP) and how many people are unemployed.
Mei also noted that the U.S. dollar is getting weaker as large investors are putting their money into other currencies. This could be another reason for the strong demand for Bitcoin. The U.S. dollar index, which tracks the dollar against other currencies, has dropped significantly in the last month.
Bitcoin and the broader crypto market have sustained gains made last week. Right now, traders are waiting for GDP, unemployment data, and a number of other economic data indicators set to be released in the US this week, so not much has changed yet,
said Jeff Mei.
Some traders are also talking about a connection between Bitcoin’s price and the M2 money supply, which is the total amount of money in an economy. Some believe that an increase in M2 money supply could cause Bitcoin’s price to rise as people buy it to protect their wealth from rising prices.
Conversely, if M2 shrinks, Bitcoin prices might fall as investors become more cautious. Traders are also looking at upcoming economic news for clues about where the market might go, especially after recent U.S. tariffs affected the general feeling in the market.
While some people think a rise in Bitcoin’s price is coming soon because of the increase in M2, Augustine Fan, head of insights at SignalPlus, says there’s more to the story than just this data. However, he is positive about Bitcoin’s outlook in the medium term because he expects monetary policies to become easier in response to economic slowdowns caused by tariffs.