Bitcoin Steady Above $94K as ETFs Attract $590M and Investors Eye Economic Signals
Bitcoin held firm above $94,000 on Tuesday during Asia trading hours, maintaining its ground amid subdued market action and growing investor interest in exchange-traded funds (ETFs). Over $590 million flowed into Bitcoin ETFs on Monday, marking a sixth consecutive day of inflows and the first full week of net gains since late March.
Investor confidence appeared to strengthen as BlackRock’s IBIT led with $970 million in inflows, even as Ark’s ARKB saw $200 million in outflows. Traders say a clean break above the $94K resistance level could open the door to a run at the $100,000 mark.
Despite the ETF momentum, the broader crypto market remained relatively flat. Ether (ETH), XRP, Cardano (ADA), and BNB all saw minimal price changes, while Solana (SOL) slipped 2%. Monero (XMR) tumbled 8.5%, following a dramatic 40% surge the day before that blockchain sleuth ZachXBT linked to a hacker swapping over $330 million in BTC for the privacy-focused token.
Among mid-cap assets, Nexo (NEXO) jumped 8% after announcing its return to the U.S. market following a two-year regulatory hiatus, with a renewed focus on AI-powered applications.
Market participants are turning their attention to upcoming U.S. economic data releases—including GDP and unemployment figures—for clues on the next move. Jeff Mei, COO at BTSE, told CoinDesk via Telegram that the market is largely holding gains from last week, but investors remain in a holding pattern.
“Right now, traders are waiting for a raft of data out of the U.S., so not much has shifted,” Mei said. He also noted that the U.S. dollar’s ongoing weakness—down nearly 6% over the past month, its steepest monthly decline since 2022—has supported crypto demand. “Institutional investors are diversifying away from the greenback, which may be boosting Bitcoin demand,” he added.
Meanwhile, a popular narrative gaining traction online connects Bitcoin’s price movement with the recent increase in M2 money supply, which includes cash, checking and savings deposits, and other liquid assets. Some traders argue that rising M2 levels could drive BTC higher as investors seek hedges against inflation.
However, analysts remain cautious. Augustine Fan, head of insights at SignalPlus, said while the M2 theory is compelling on the surface, it’s being overstated in some viral posts. “There are many nuances behind the data,” Fan said. “Still, we remain bullish on BTC in the medium term due to expectations of monetary and fiscal easing in response to tariff-driven slowdowns.”
