Bitcoin Smashes $100K Again – Wall Street Sharks Are Gobbling It Up 🦈💰

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There are days when the market seems to crawl, like a stubborn mule under the baking California sun. But May 8 wasn’t such a day. No, that day Bitcoin lumbered—if you can call careening through $100,000 “lumbering”—right across that threshold while the men in suits, the institutional bigwigs, gathered ‘round with jaws as wide as the Salinas Valley sky, scooping it up, stacking coins like they were golden cans of beans before a dust storm. 🛒

The bean counters down at Farside Investors claimed spot Bitcoin (BTC) ETFs raked in a whopping $142.3 million on May 7—more money than you’d find at the bottom of a prospector’s dream. Obchakevich, who’s as much a researcher as he is a man with a mouthful of vowels for a last name, called it “sustained institutional interest.” Well, Alex, that’s about as surprising as cucumbers in a garden patch with all those hedge funds and asset managers trundling into the market, buying up regulated paper promises like they’re stocking a tornado shelter.

Of the bunch, the ARK 21Shares Bitcoin ETF (ARKB) was lead picker, tossing $54 million into the cart. Fidelity’s Wise Origin (FBTC)—now there’s a name to inspire the faithful—jammed $39 million in, and BlackRock’s iShares (IBIT) coughed up $37 million, because apparently, everybody’s grandma now owns a Bitcoin ETF. And get this—Arkham Intelligence says BlackRock hoarded more than 86 Bitcoin in a single go. That’s $8.4 million in a single sundown, which is enough to buy every ham sandwich in Monterey, twice over. 🥪

ETF inflows show bullish momentum

Come May 8, the stampede hadn’t lost its nerve. Bitcoin ETFs took in over $117 million—this time with IBIT (that’s BlackRock again) at the front, hauling in $69 million. Fidelity stayed in the chase at $35 million, and ARKB managed $13 million, probably because they’d filled their baskets the night before. 📊

Obchakevich, who sounds like a man who checks the moon before planting potatoes, pointed out something spicy: Bitcoin and the Nasdaq were dancing closer together than a couple at a barn wedding. A 0.75 correlation—now that’s almost as tangled as a fishing line after three beers. “The positive movement of the Nasdaq on May 8–9 supported BTC, which led to growth above $100,000,” he said, as though gravity had decided to take a holiday.

“The trend of institutional buying was likely to continue on May 8-9, unless there were sharp macroeconomic or geopolitical shocks.”

And sure, the numbers had been brewing since May 2—IBIT sucked up $675 million like a thirsty mule at the river. Obchakevich reckons the train’s not stopping any time soon, not unless the world decided to flip its hat and let the wind carry it away.

Grayscale Bitcoin Trust plays by different rules

But every party has its outlier, and Grayscale Bitcoin Trust (GBTC) is the fella in the corner playing solitaire while everyone else hoots at poker. Obchakevich explained it—no significant outflows in the top ETFs except for Grayscale, which is bleeding coins, slow and steady. Must be those hefty fees—1.5% ain’t small when you’re holding all that Bitcoin. No wonder folks are heading for cheaper pastures, and Grayscale’s watching them leave like a bartender at closing time. 🕰️

And why all the outflows from GBTC? Well, it’s a storm of fees, tariffs, and something about the conflict between Pakistan and India, which is as logical as blaming your lost dog on the moon. But hey, that’s how these stories go.

“The GBTC outflow is related to these factors as investors are not confident in the stability of GBTC.“

In the end, the only thing certain is that money follows the path of least resistance, much like folks seeking shade on a blinding day, and Bitcoin, whether you dig it or scoff at it, keeps finding a way to steal the show. 😎

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2025-05-09 18:44