Key Notes
- Bitcoin spot ETFs saw a massive $675M inflow on May 2, with zero outflows across all funds.
- Arthur Hayes says the United States won’t buy more Bitcoin, citing debt and political optics.
- Technicals show bullish momentum, but RSI nearing overbought warns of a possible pullback.
Bitcoin continues to show powerful institutional momentum as spot ETFs recorded a massive $675 million in net inflows on May 2, 2025. This surge, coupled with zero net outflows across all twelve Bitcoin ETFs, marks one of the strongest single-day performances since their launch.
Ethereum ETFs also joined the rally with modest net inflows totaling $20.1 million across all nine funds, SoSoValue data confirms. Michael Saylor, Chairman of MicroStrategy (MSTR) and one of Bitcoin’s most vocal institutional advocates, sees this as just the beginning. Speaking at the Bitcoin Standard Corporation’s Investor Day, Saylor made a bold claim: “IBIT will be the biggest ETF in the world in ten years.”
Analyst Weighs In
While that may sound ambitious, Bloomberg’s Senior ETF Analyst Eric Balchunas didn’t dismiss the possibility outright.
“It’s possible, especially if IBIT starts taking in more cash than VOO,” Balchunas noted while adding:
“But that would require inflows well north of $1 billion a day—more likely in the range of $3 to $4 billion daily. Extraordinary things would have to happen, but it’s possible.”
US Won’t Purchase BTC: Hayes
Despite the growing institutional appetite for Bitcoin, the US government remains reluctant to embrace the asset beyond the holdings it has acquired via law enforcement seizures.
BitMEX co-founder Arthur Hayes, in a recent interview, dismissed the idea of a Us strategic Bitcoin reserve being actively expanded.
“I’m not really into the whole Strategic Reserve situation,” Hayes said, adding that the US “is a deficit country” and the only way that a BTC Strategic Reserve can be implemented in the country is when the government doesn’t sell the Bitcoin “they took from people.”
He added that with 200,000 BTC already seized—now valued at over $18 billion—it’s politically implausible for any elected official to announce plans to purchase more Bitcoin with printed dollars.
“Especially when the popular narrative is a bunch of Bitcoin bros going to the club,” he said. “Is that really what you want people to think about your policy?”
Chart Analysis: Bullish and Bearish Scenarios
As of May 3, Bitcoin trades at $96,251.58, down 0.34% in the last 24 hours, as per the data provided by CoinMarketCap. Meanwhile, the RSI (Relative Strength Index) is at 67.87, approaching overbought territory but still leaving room for upside.
On the other hand, the MACD (Moving Average Convergence Divergence) is bullish, with the MACD line (3,153.82) well above the signal line (2,688.95), but the reduction in distance between the lines suggests increasing selling pressure.
BTC Daily Chart | Source: TradingView
Price has broken above the 0.786 Fibonacci retracement level ($79,238.75) and is approaching the swing high of $96,028.45. A daily close above this resistance could trigger a breakout to new all-time highs.
The Fibonacci 0.236 level at $90,987.26 could act as a key support if the price retraces. A breakdown below this could expose deeper levels at $87,868.57 and $85,347.98.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
A crypto journalist with over 5 years of experience in the industry, Parth has worked with major media outlets in the crypto and finance world, gathering experience and expertise in the space after surviving bear and bull markets over the years. Parth is also an author of 4 self-published books.
