Bitcoin ETFs Rake in $675M as Institutions Pile In—While US Govt. Still Drags Its Feet
Wall Street’s latest love affair with crypto shows no signs of cooling—$675 million flooded into Bitcoin ETFs this week alone. Meanwhile, Uncle Sam’s still clutching its pearls like a Victorian widow.
Hayes calls it: ’The smart money’s voting with its wallet while bureaucrats rehearse their usual FUD chorus.’
Funny how pension funds move faster than regulators armed with 100-page risk assessments.
Analyst Weighs In
While that may sound ambitious, Bloomberg’s Senior ETF Analyst Eric Balchunas didn’t dismiss the possibility outright.
“It’s possible, especially if IBIT starts taking in more cash than VOO,” Balchunas noted while adding:
“But that would require inflows well north of $1 billion a day—more likely in the range of $3 to $4 billion daily. Extraordinary things would have to happen, but it’s possible.”
US Won’t Purchase BTC: Hayes
Despite the growing institutional appetite for Bitcoin, the US government remains reluctant to embrace the asset beyond the holdings it has acquired via law enforcement seizures.
BitMEX co-founder Arthur Hayes, in a recent interview, dismissed the idea of a Us strategic Bitcoin reserve being actively expanded.
“I’m not really into the whole Strategic Reserve situation,” Hayes said, adding that the US “is a deficit country” and the only way that a BTC Strategic Reserve can be implemented in the country is when the government doesn’t sell the Bitcoin “they took from people.”
He added that with 200,000 BTC already seized—now valued at over $18 billion—it’s politically implausible for any elected official to announce plans to purchase more Bitcoin with printed dollars.
“Especially when the popular narrative is a bunch of Bitcoin bros going to the club,” he said. “Is that really what you want people to think about your policy?”
Chart Analysis: Bullish and Bearish Scenarios
As of May 3, Bitcoin trades at $96,251.58, down 0.34% in the last 24 hours, as per the data provided by CoinMarketCap. Meanwhile, the RSI (Relative Strength Index) is at 67.87, approaching overbought territory but still leaving room for upside.
On the other hand, the MACD (Moving Average Convergence Divergence) is bullish, with the MACD line (3,153.82) well above the signal line (2,688.95), but the reduction in distance between the lines suggests increasing selling pressure.
BTC Daily Chart | Source: TradingView
Price has broken above the 0.786 Fibonacci retracement level ($79,238.75) and is approaching the swing high of $96,028.45. A daily close above this resistance could trigger a breakout to new all-time highs.
The Fibonacci 0.236 level at $90,987.26 could act as a key support if the price retraces. A breakdown below this could expose deeper levels at $87,868.57 and $85,347.98.next
$675M Bitcoin ETF Surge Inflows, US Govt. Still a No-Go: Hayes
