
The attention of investors has been shifting towards investment products linked to the flagship cryptocurrency, Bitcoin BTC $96 611 24h volatility: 2.1% Market cap: $1.92 T Vol. 24h: $29.09 B , amid the increasing optimism in volatile assets.
As such, U.S.-based spot BTC exchange-traded funds witnessed a net inflow of $422.5 million on May 1, according to SoSoValue data. Their trading volume reached $3.52 billion.
This brought the cumulative spot BTC ETF net inflow to $39.56 billion, a level last seen on February 21.
Out of the total, BlackRock’s IBIT ETF took the majority of the inflows over the past three weeks — over $3.4 billion in net inflows between April 14 and May 1. IBIT’s total inflows surpassed the $43 billion mark.
The attention towards BTC investment products comes after Bitcoin touched a local high of $97,437 on May 1.
The strong push triggered $88 million in BTC liquidations — $9 million longs and $79 million shorts, according to CoinGlass data. Usually, dominant short liquidations suggest the expectations of a further price rally.
Moreover, CoinGlass data shows that the total crypto open interest increased by 5.2%, reaching $123.8 billion. The indicator suggests that traders are leaning toward the volatile digital asset class.
When OI increases, high price volatilities become the norm and usually hint at a potential market-wide hike.
The decentralized finance sector of Bitcoin could also grow with the latest developments from the Sui network. This can act as a fundamental catalyst for the digital gold.
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