BlackRock’s iShares Bitcoin Trust (IBIT) continues to dominate headlines, reporting a massive daily inflow of $240.1 million, according to the latest data from Farside. 

Over the past five trading days, U.S. spot Bitcoin ETFs have collectively recorded around $2.8 billion in net inflows, propelling Bitcoin’s price from roughly $85,000 to $94,000. Of this amount, IBIT alone has captured $1.3 billion, highlighting the fund's growing influence in the institutional crypto space.

This surge comes shortly after IBIT was awarded “Best New ETF” at the annual etf.com awards on April 23, further cementing its strong reputation and appeal among investors during a time of heightened market volatility. 

The massive inflows into BlackRock’s ETF suggest a broader trend of Bitcoin gaining recognition as a legitimate asset class among major institutions. 

On the market front, CryptoQuant’s latest analysis points to $90,000 emerging as a new support level for Bitcoin. The platform notes a sharp rise in "apparent demand," measured by shifts in one-year inactive supply, signaling that previously dormant capital is flowing back into Bitcoin. 

After months of selling pressure and cooling investor sentiment, buying interest has picked up aggressively.

Technicals also favor the bulls. Bitcoin’s 20-day exponential moving average ($87,437) is trending upward, and the relative strength index (RSI) sits close to the overbought zone, indicating strong bullish momentum. 

Bears are expected to attempt resistance near the $100,000 level, but if Bitcoin maintains strength above $95,000, a breakout becomes increasingly likely.

As of press time, Bitcoin is trading around $94,200, with the market closely watching for the next major move.