By Bardil 
Bitcoin has surged past the $91,500 mark for the first time since March 7, as institutional investments in the flagship cryptocurrency continue to grow significantly. Major U.S. institutions, including BLACKROCK, have been actively increasing their Bitcoin holdings to support their BTC-based exchange-traded funds (ETFs).
According to blockchain analytics firm LOOKONCHAIN, institutions such as FIDELITY, ARK INVEST, and BITWISE are accumulating Bitcoin at a notable pace. Lookonchain stated, “BTC is back to $90,000. Fidelity, BlackRock, ARK Invest, and Bitwise are all accumulating BTC.”
Crypto data aggregator SOSOVALUE reported that Bitcoin ETFs recorded $381 million in inflows on Monday, April 21, marking the largest inflow since January 30. Notably, none of the 12 Bitcoin ETFs experienced net outflows, underscoring the growing institutional appetite for BTC.
In contrast, Ethereum ETFs have struggled to attract similar demand. According to SoSoValue, Ethereum ETFs have seen net outflows for most days since mid-February. However, on-chain data reveals that some undisclosed whales have been accumulating ETH from crypto exchanges despite the lack of ETF-driven demand.
Lookonchain highlighted, “Whales are still accumulating ETH. Wallet 0XD81E withdrew 1,900 ETH ($3.1 million) from Gate.io again [on Tuesday]. Since February 15, this wallet has withdrawn 48,477 ETH ($100.35 million) from Gate.io and is currently facing a $21 million loss. Meanwhile, wallet 0X3BD2 withdrew 2,600 ETH ($4.26 million) from Binance after being inactive for a year.”
At the time of writing, Bitcoin is trading at $90,777, while Ethereum is priced at $1,692.
Featured Image: Shutterstock/DomCritelli/Alexxxey.
Sources: Lookonchain/X, SoSoValue.