Crypto Market Calm: BTC, ETH, XRP Unmoved as Bitcoin ETFs Attract $590M

Bitcoin Holds Strong Above $94K as ETF Inflows Continue and Economic Data Looms

Bitcoin remained steady above $94,000 in Tuesday’s Asian session, holding its ground despite limited volatility across the broader crypto market. Institutional interest in Bitcoin continues to grow, with Bitcoin ETFs attracting over $590 million in inflows on Monday, marking the sixth consecutive day of positive inflows, the first such streak since late March.

Leading the ETF inflows was BlackRock’s IBIT, which saw $970 million in new investments, while Ark Invest’s ARKB experienced a $200 million outflow. Bitcoin’s appeal as a safe-haven asset is becoming increasingly evident as macroeconomic pressures mount, with more investors seeking alternatives to traditional assets.

Bitcoin’s price action suggests a focus on the $94K resistance level, with many traders eyeing a potential breakout that could set the stage for a push towards $100,000. Meanwhile, XRP, Ether (ETH), Cardano (ADA), and BNB were mostly flat, while Solana (SOL) dipped 2%. Monero (XMR), after a massive 40% surge on Monday, dropped 8.5%, following revelations from blockchain investigator ZachXBT that a hacker had moved $330 million in BTC into XMR.

In mid-cap tokens, Nexo (NEXO) surged 8% after revealing plans to return to the U.S. market after a two-year hiatus, now with a focus on AI-driven financial products.

Market sentiment remains cautious ahead of a series of key economic data releases, including U.S. GDP and unemployment figures, scheduled for later this week. These reports will likely provide insight into the broader economic landscape and potentially influence market positioning.

“Traders are still digesting last week’s moves and are now awaiting key economic indicators,” said Jeff Mei, COO of BTSE, in a message to CoinDesk. “With tariffs still weighing on the market, there’s a sense of caution, but Bitcoin has managed to maintain its momentum.”

The U.S. dollar has continued its decline, losing nearly 6% over the past month — its steepest fall since 2022. This weakness in the greenback has led many institutional investors to diversify their portfolios, which could be contributing to Bitcoin’s increasing demand.

A growing narrative among traders suggests that Bitcoin’s price could be closely correlated with the rise in M2 money supply, a broad measure of money in circulation. An increase in M2 is seen as a signal for higher inflation, leading investors to seek assets like Bitcoin as a hedge.

However, some analysts remain cautious about the direct correlation. Augustine Fan, head of insights at SignalPlus, acknowledged the growing interest in M2 but emphasized that there are more factors at play. “While there’s some merit to the M2-Bitcoin narrative, it oversimplifies the broader market dynamics,” he said. “Still, we remain positive on Bitcoin’s medium-term prospects, especially with expectations for fiscal and monetary easing in response to tariff-induced slowdowns.”