Cumulative flows into U.S. spot bitcoin ETFs reached roughly $2.7 billion across the past three weeks, pushing the category's total net assets past $100 billion, according to CoinDesk. Friday's session alone contributed $630 million of that total, Bloomberg data showed.
Despite the price milestone, analysts have flagged signs of fragility beneath the rally. CryptoQuant's April 30 report raised a caution flag: its analysts determined that last month's price move owed almost everything to rising perpetual futures activity, with physical spot demand actually shrinking over the same period — the type of leverage-without-conviction setup that has tended to precede sharp pullbacks when traders eventually close their positions, according to CoinDesk.
Polymarket contracts show bettors see a coin-flip-plus chance — 56% — of bitcoin tagging $85,000 before the month ends, yet the probability collapses to just 23% for a move all the way to $90,000, according to CoinDesk.
Richard Galvin, executive chairman at DACM, characterized $80,000 as "a big psychological barrier" for crypto markets in comments to Bloomberg. Orbit Markets co-founder Caroline Mauron added that a convincing move through that ceiling would deliver "further positive momentum to the asset class," according to Bloomberg.
The token's peak of just over $126,000 came in October, according to Bloomberg, after which a prolonged sell-off cut its value to roughly $60,000 by February. Growing interest from institutional buyers has been among the factors behind its subsequent recovery.
