Bitcoin leads the bull run: BlackRock crushes the competition
After a slight correction early in the week, spot Bitcoin ETFs quickly bounced back to record their best performance since mid January. April 17 was a historic day, marking a colossal inflow of over $663 million in a single trading session. This institutional rally confirms that the appetite for the king of crypto is far from bearish.
In these rankings, BlackRock’s IBIT fund stands out as the undisputed leader, absorbing the majority of capital and largely offsetting the outflows seen among some competitors. This momentum propelled the price of BTC, which saw its valuation soar by nearly 5% over the week, dangerously approaching its previous ATH.
However, it is worth noting that the last 4 times Bitcoin recorded such inflow spikes, it corresponded to a local top before heading toward new lows. So is this time different? This week will be decisive in determining the direction of Bitcoin. If BTC fails to make a new high this week, then the scenario of a new distribution phase is the most likely, and BTC could undergo a correction in the coming weeks or months.
Ethereum, Solana and XRP: Altcoins deliver a surprise
While Bitcoin captures the spotlight, altcoins are not left behind. Ethereum ETFs maintained a steady streak of inflows, peaking at $127.4 million by the end of the week. Ethereum capitalized on this enthusiasm to secure a 4.5% increase, proving that investors are looking to diversify their portfolios beyond BTC.
Meanwhile, Solana (SOL) and XRP recorded impressive performances. XRP related funds captured over $55 million, a three month record, triggering a price surge of more than 6%. Solana ETFs also saw notable inflows, confirming that interest in these fast and low cost ecosystems is becoming massive.
Since then, a lot has happened. Indeed, the pump and dump driven by Trump and the conflict in Iran took a heavy toll on the crypto market over the weekend. Bitcoin has since fallen below its critical support at $75,000 and is trading at $74,200. Meanwhile, ETH plunged below $2,300, XRP below $1.41 and Solana below $84.
Massive ETF outflows coming today?
The influx of nearly a billion dollars in a single week raises a crucial question: are we on the verge of a new parabolic acceleration phase? The most important day of the week is probably today. For several weeks, Bitcoin has delivered lucrative Mondays. But if ETFs show signs of major outflows today, the trend could turn bearish for the entire week.
The stock market will also need to be closely monitored. An S&P 500 that maintains its upward momentum could reassure institutional investors and help ETFs hold their ground.
Is this the right time to position yourself before Bitcoin and major altcoins break through to new all time highs? The tensions and uncertainty surrounding Donald Trump and his decisions regarding Iran make this a complicated task. For now, it is better to remain cautious as the short term upside potential remains much more limited than the downside risk. Only a sustained hold above $80,000 would serve as a true bullish signal.
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