Key Moments:

• Wednesday saw Bitcoin’s price reach $95,181.
• Bitcoin’s weekly volatility was at its lowest in years, according to K33 Research.
• Exchange deposits of Bitcoin have seen a notable decrease, signaling reduced sell pressure and growing investor conviction. In contrast, BlackRock’s Bitcoin ETF registered $970 million in inflows on April 29, its second-largest daily haul on record.

BTC Volatility Sinks

Bitcoin’s 7-day price fluctuations hit a 563-day low on April 30, as noted by K33 Research head Vetle Lunde. This calming of price swings reflects growing stability and could be a signal of Bitcoin’s continued development as a global financial instrument. It could also be a reflection of increasing confidence among market participants.

Bitcoin now commands a market capitalization of $1.875 trillion, securing its position among the largest assets globally. As shown by CompaniesMarketCap data, BTC has moved ahead of assets like Silver and Meta Platforms’ stock in terms of size. Furthermore, Bitcoin’s Wednesday price traded near the $95,000 mark, and it even managed to hit $95,181.

Exchange Deposits Fall Amid Option Expiry and ETF Flows

Analysts from crypto exchange Bitfinex observed a significant reduction in Bitcoin deposits to exchanges. This trend, they argued when speaking with Cointelegraph, implies a decrease in selling activity and a stronger preference for long-term holding or custody solutions among investors. They also deemed the divergence between price stability and shrinking exchange balances critical, particularly given the recent options expiry of $7.2 billion. In addition, similar setups in the past had often led to continued upward momentum.

Institutional Inflows Spike

SoSoValue has revealed that institutional appetite for Bitcoin is showing no signs of waning, as April 29th witnessed BlackRock’s Bitcoin ETF enjoy $970 million in inflows. The surge in ETF investments underlines the growing role institutions are playing in the cryptocurrency market.