The institutions are here in full force, or so the chatter goes, as corporate players and exchange-traded funds (ETFs) scoop up more BTC from the open market. With bitcoin cracking the $100,000 mark today, market watchers and crypto industry specialists chimed in with their thoughts on the latest upward run.
“Under the surface, spot ETF flows remain firm, particularly during U.S. hours,” Bitfinex analysts told Bitcoin.com News on Thursday. “Open interest is high but not frothy, and funding is neutral—this is real demand, not leverage-driven price chasing. Exchange balances continue to decline, and onchain accumulation by long-term holders has resumed.”
The market researchers at Bitfinex added:
This is not a melt-up—it’s a structurally supported move. As long as ETF + institutional flows persist and macro stays stable, dips are likely to be brief and bought aggressively. The path of least resistance remains higher.
BTC/USD on May 8, 2025.
Some see this moment as a full-blown plot twist, and Mike Cahill, CEO of Douro Labs—a major contributor to the Pyth Network—told Bitcoin.com News that’s exactly what it is.
“Bitcoin crossing $100K signals a full-on narrative reset: that’s because this milestone cements BTC’s role as a macro asset in institutional portfolios,” Cahill explained. “We’re seeing coordinated flows from ETFs, sovereign wealth funds, and asset managers who increasingly view bitcoin as a hedge against policy uncertainty and a vehicle for long-duration growth. The price action that’s happening right now is just catching up to what the smart money’s been preparing for all year,” the Douro Labs CEO added.
Joe Burnett — Director of Market Research at crypto financial services firm Unchained — shared in a note to our newsdesk that Strive Asset Management’s newly announced tie-up with Asset Entities (Nasdaq: ASST) might also be playing a part.
“Since the Strive announcement, the stock has surged over 700%. This underscores growing market excitement around bitcoin treasury companies—firms that convert balance sheet assets, cash flow, overvalued equity, and even leverage into bitcoin,” Burnett said. “It’s a powerful new model for capital allocation in a world of broken money.”
Others told Bitcoin.com News that BTC is growing ever more appealing to institutional portfolios. “Investors hate uncertainty, but on the flipside, clarity brings confidence,” Dave Sedacca, Head of Finance at Parity Technologies explained on Thursday. “Whether it’s Trump revealing positive developments in trade agreements or the FOMC reaffirming their commitment to stable interest rates, these signals help stabilize market sentiment. Combined with BTC’s recent outperformance of gold, BTC is becoming an increasingly attractive asset for institutional investors.”
Doug Colkitt, the original Fogo Contributor, thinks this rally has staying power thanks to strong underlying fundamentals. “$100K is less about hype and more about market structure,” Colkitt said. “We’re finally seeing consistent, institutionally driven demand meet maturing infrastructure—liquid venues, transparent custody, and real settlement rails. Bitcoin’s rally is being fueled by fundamentals, not froth—and that’s what makes this moment more sustainable than previous cycles,” Colkitt added.
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