BlackRock’s Bitcoin ETF surged with a $643 million inflow on April 23, marking a key moment in the growing institutional support for BTC. The spike, the largest in three months, follows Bitcoin’s rally past $94,000, underscoring a powerful shift in investor sentiment.
Launched in January 2024, BlackRock’s iShares Bitcoin ETF (IBIT) has already amassed over $40.63 billion in net inflows, solidifying its lead among U.S. spot Bitcoin ETFs.
This influx comes as part of a broader crypto market rally, fueled in part by President Trump’s comments hinting at a potential easing of his global trade tensions.
Sponsored
The crypto market cap briefly touched $2.94 trillion, signaling strong investor appetite, before a minor correction that brought Bitcoin back to around $92,500 on Thursday. Despite the dip, Bitcoin remains up by more than 27% from its $ 74,000 low in early April.
Bitcoin Dominance Expected to Rise
While Bitcoin’s price movements dominate the headlines, the asset’s rising market dominance is drawing increasing attention from hedge funds.
A recent survey by Crypto Insights Group shows that 70% of hedge fund managers now expect Bitcoin to further decouple from altcoins over the next year. This marks a dramatic rise from just 23% last year.
Surveyed hedge fund managers, overseeing more than $5 billion in assets, cite several key factors driving Bitcoin’s dominance: its superior liquidity, its appeal as a safe-haven asset during market volatility, and more favorable regulatory conditions compared to other digital assets.
Bitcoin’s market dominance currently stands at 63.6%, up nearly 3 percentage points in the last 24 hours, reinforcing its position as the leading asset in the $2.9 trillion cryptocurrency market.
Why This Matters
Institutional sentiment appears to be consolidating around Bitcoin, suggesting the asset is not only maintaining its lead but increasingly distancing itself from the rest of the digital asset market.
Read DailyCoin’s trending crypto scoops:
Ethereum (ETH) Price Jumps Over 10%: Can It Keep Rising?
Shiba Inu Price On Path To 512% Breakout? SHIB Metrics Say..
