Bitcoin has broken through the $105,000 resistance level for the first time since January, driven by a combination of unprecedented institutional accumulation, surging ETF inflows, and growing speculation that a new cycle peak remains months away. The flagship cryptocurrency traded as high as $107,240 in overnight markets before settling around $105,800 at press time.
ETF Inflows Hit Record Territory
U.S. spot Bitcoin ETFs recorded net inflows of $4.2 billion in the week ending May 30, surpassing the previous record set in March by nearly 40%. BlackRock's IBIT fund alone absorbed $1.8 billion, with Fidelity's FBTC adding another $900 million. The cumulative net inflows across all U.S. spot Bitcoin ETFs have now crossed $62 billion since their January 2024 launch.
Analysts point to a convergence of factors driving institutional demand: growing clarity from U.S. regulators, multiple states approving Bitcoin reserve legislation, and major pension funds beginning to allocate small percentages of assets to digital assets.
"What we're seeing is a structural shift — institutions aren't trading Bitcoin, they're allocating to it for the long term. That's fundamentally different from every prior cycle." — Head of Digital Assets Research, Galaxy Digital
On-Chain Data Paints a Bullish Picture
Blockchain analytics firm Glassnode reports that wallets holding more than 1,000 BTC — typically associated with institutional players and high-net-worth individuals — have added roughly 28,000 BTC over the past 30 days. Meanwhile, exchange reserves continue to decline, falling to their lowest level since 2018, suggesting coins are moving to cold storage rather than being prepared for sale.
Key On-Chain Metrics
- Exchange Reserves: 2.1 million BTC — lowest since November 2018
- Long-Term Holder Supply: 14.6 million BTC, a new all-time high
- MVRV Z-Score: 2.8 — elevated but well below prior cycle peaks of 7+
- Fear & Greed Index: 81 — "Extreme Greed"
What's Next? Analysts Weigh In
Price targets from major research desks range from $120,000 to $180,000 for this cycle, with the more bullish estimates contingent on continued ETF demand and potential Federal Reserve rate cuts. Standard Chartered maintains a $200,000 year-end target, citing the "supply cliff" created by the April 2024 halving.
Not everyone is purely bullish, however. Some technical analysts caution that a brief cooldown below $100,000 is possible in the near term before any push toward new all-time highs. Crypto Nation TV will continue monitoring price action around the clock.
Chart: U.S. Spot Bitcoin ETF net inflows by week. Source: Bloomberg Intelligence.
