He said that the continuation of this trend was the most likely outcome:“The trend of institutional buying was likely to continue on May 8-9, unless there were sharp macroeconomic or geopolitical shocks.”Related: Bitcoin options could pave the path for new BTC price highs — Here is howGrayscale Bitcoin Trust plays by different rulesObchakevich explained that “the absence of significant outflows in key ETFs other than Grayscale Bitcoin Trust (GBTC) supports the hypothesis that the whales and funds remain bullish.” GBTC outflows, he said, are justified by different factors.
Farside Investors’ data shows that spot Bitcoin (BTC) exchange-traded funds (ETFs) recorded cumulative net inflows of $142.3 million on May 7, in a sign of “sustained institutional interest,” according to the founder of Obchakevich Research, Alex Obchakevich.“These inflows indicate the activity of institutional investors, including hedge funds and asset managers, who continue to accumulate BTC through regulated instruments,“ he said.
Obchakevich also pointed to the strengthening correlation between Bitcoin and tech stocks.“BTC correlation with the Nasdaq was 0.75, indicating the influence of sentiment in the tech market,” he said, adding:“The positive movement of the Nasdaq on May 8–9 supported BTC, which led to growth above $100,000.“Obchakevich said the positive trend goes as far back as May 2, when IBIT inflows were as high as $675 million.
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Author / Journalist: Cointelegraph by Adrian Zmudzinski
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