Bitcoin remained above $94,000 on Tuesday morning in Asia, supported by strong ETF inflows. On Monday, ETFs tracking Bitcoin attracted over $590 million, marking a six-day streak of inflows. This is the first week of capital inflows since late March.
BlackRock's IBIT led with $970 million in inflows, while Ark's ARKB saw $200 million in outflows. Traders believe a break above the $94,000 resistance level could pave the way for Bitcoin to reach $100,000.
Other cryptocurrencies showed mixed performance. XRP, Ether, Cardano's ADA, and BNB remained stable, while Solana's SOL decreased by 2%. Monero (XMR) fell 8.5% after a 40% surge on Monday, attributed to a hacker swapping over $330 million in BTC for the privacy-focused token.
Nexo (Nexo) increased by 8% after announcing its return to the U.S. following a two-year regulatory pause, focusing on AI applications. Traders are awaiting economic data releases this week for further market signals.
The U.S. dollar continues to depreciate, with the dollar index falling nearly 6% in the last month. This could explain the strong demand for Bitcoin, as institutional investors diversify into other currencies.
Some traders are noting the correlation between Bitcoin and the M2 money supply. SignalPlus's Augustine Fan suggests that while the M2 narrative has nuances, they are optimistic about Bitcoin in the medium term due to expectations of monetary and fiscal easing.