Briefly,
- Bitcoin ETFs saw $442 million in inflows yesterday, part of a weeklong positive streak that's pushed total assets under management to $108 billion as BTC trades at $95,160.
- The recent surge in Bitcoin price and ETF inflows coincides with President Trump's comments about reducing Chinese tariffs and shows strengthening correlation with the Nasdaq, which is up about 5% over the past week.
- Analysts suggest Bitcoin's rise is influenced by multiple factors including dollar weakness, increased correlation with gold, and potentially favorable technical signals as it approaches the key Fibonacci retracement level of $95,400.
Bitcoin ETFs accumulated $442 millions yesterday, making it the fourth trading day in a row that they have seen positive growth. The markets have been in green since Thursday but in some regions, they were closed for Good Friday and Easter.
According to CoinGlass data, the total assets managed now stands at $108 billion. This is its highest level ever since late February. Bitcoin has continued its rise from its lows of $80,000 this week.
BTC, the original cryptocurrency, is currently trading at $95,160—its strongest showing since the last week of February.
The ETF flows peaked this week at $912.7 and $917 millions on Tuesday and on Wednesday when Donald Trump announced that the tariffs on Chinese products may “come off substantially” soon.
Bitcoin’s price had actually started to rise from its low-$80,000 range when ETF flows reached the highest level in January, which was $381.3 Million.
In February, April and March ETFs experienced daily inflows of over $1 billion. This culminated with an outflow of more than $1.01 billion during a single day on February 25, a record.
Kathleen Brookes told XTB’s Research Director Kathleen Brookes. Decrypt Bitcoin’s recent performance is partly due to its strong correlation with Nasdaq which has risen by around 5% over the last seven days.
The upward momentum of growth stocks in America is increasing sentiment for Bitcoin and other cryptocurrency assets, she explained. Since the beginning of this year, Bitcoin and Nasdaq’s positive correlation has increased. It is now over 50%. Therefore, it can be assumed that BTC ETF flow will follow the Nasdaq about half the time.
Brookes says that despite the tariff war, cryptocurrency “outperformed” risky investments this month.
We think the weak dollar, the talk about structural changes away from the dollar and the lack of confidence in US Financial Institutions is fueling demand for Crypto,” added she.
Simon Peters is another analyst who has expressed this view. Decrypt Since President Donald Trump’s so-called Liberation Day in 2017, BTC’s correlation to U.S. stocks has declined, while its correlation to gold has increased.
“Amidst the uncertainty surrounding U.S. and China trade and tariffs, and potential increased recession risks in the U.S., we have seen gold trend to record highs, and Bitcoin—dubbed as ‘digital-gold’ due to its scarcity characteristics—is potentially following suit,” he said.
Peters predicts that Bitcoin will rise in price over the next two or three weeks. This is due to the increase of money supply.
“Sentiment is above neutral (according to the Crypto Fear & Greed Index) at this moment in time and global liquidity,” he explained, “essentially how much money is available in the global economy and a metric which the bitcoin price tracks closely, is forecast to increase throughout the year.”
Brooks, who is more cautious about her prediction, believes the Nasdaq’s recent performance will help them maintain their winning streak.
She said that if tariff uncertainties are reduced, this would have a positive effect on Bitcoin. This is especially true if dollar outflows continue.
She adds that Bitcoin’s price may rise further if the Fibonacci Retracement Level of $95,400 is cleared. That level represents the 61.8% return from January peak to April low.
The Fibonacci retracement is a popular technical analysis tool that designates significant price highs and lows—typically at 23.6%, 38.2%, 50%, 61.8%, and 78.6%. Tradesmen might, for example, look to support levels at Fibonacci Retracement Levels after an uptrend from $100-150. These could be around $137.1 (23.6%), $130.9 (38%), $125 (50%) or $119.1 (61.8%).
Editor's note: This story was updated for clarify.
Stacy Elliott is the editor.
