Perhaps the biggest driver of Bitcoin’s current momentum is institutional capital flooding into spot . On May 8, $117.46 million in total net outflows for ETFs, led by:
The total net asset value of Bitcoin spot ETFs is now $118.66 billion, or about 5.82% of Bitcoin’s total market capitalization, a historical high. This indicates not just growing institutional interest, but a sustained belief in Bitcoin as a long-term store of value.
Giving more insights into the current scenario, Pankaj Balani, Co-Founder and CEO, Delta Exchange, shared that Bitcoin bounced back, buoyed by the Fed’s decision to maintain steady interest rates. “BTC has been inching closer to the $100,000 mark, breaking free from a weeks-long period of consolidation that had kept traders on the edge. The U.S. crypto landscape, invigorated by recent regulatory advancements and a wave of corporate enthusiasm, provides a fertile backdrop for this ascent. We have seen record flows in the spot ETF and significant corporate investments following in the footsteps of MicroStrategy,” he explained.
Pankaj Balani further added, “On Delta Exchange, the Put/Call Ratio (PCR) for Bitcoin’s weekly options is sitting around 2.3. This has been driven by significant writing on the downside. There has also been unwinding in the upside calls. Overall, the data suggests that Bitcoin might be setting up for another strong push here. The next hurdle for Bitcoin is $107,000 beyond which we might see Bitcoin making a new ATH.”