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Bitcoin continues to show resilience, gaining 14% over the past 30 days, approaching the critical $100,000 benchmark due to positive on-chain demand behaviors.
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Despite this uplift, ETF inflows have not caught up, with only 28,000 BTC added in 2025, highlighting a slowdown in institutional investments.
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Industry experts suggest that a potential summer rally could push Bitcoin toward $150,000, given the current bullish sentiment.
This article discusses Bitcoin’s recent price movements and changing demand dynamics, as it approaches $100,000 while ETF inflows remain subdued.
Bitcoin’s Price Rally: What the On-Chain Data Indicates
As Bitcoin (BTC) kicks off May 2025, it has experienced a remarkable price surge, climbing over 14% in the last month, now trading just 6.3% below the significant $100,000 milestone. This momentum has been propelled by a notable change in apparent demand, which has turned positive for the first time since late February, showcasing potential shifts in market dynamics.
On-chain data suggests that Bitcoin’s apparent demand has increased to 65,000 BTC over the past 30 days. This marks a sharp recovery from the negative demand levels witnessed on March 27, where the net change in holdings dropped to -311,000 BTC. Apparent demand represents the net balance shifts across different wallets, offering insights into whether capital is flowing into or out of the Bitcoin ecosystem.
Interestingly, this positive trajectory has persisted for six consecutive days, indicating that recent moves may indeed reflect a genuine recovery in market interest, though overall momentum still appears muted.
Despite these indications, it’s crucial to recognize that the broader demand landscape remains less than robust. The recent uptick in apparent demand may be fueled primarily by existing holders, signifying a wait-and-see approach from new market entrants.
ETF Activity Remains Subdued Amidst Renewed Bitcoin Interest
In 2025, Bitcoin purchases from U.S.-based ETFs have barely budged, fluctuating between negative and positive daily net flows, a stark contrast to the vigorous demand observed in late 2024. So far this year, BTC ETFs have amassed a net total of 28,000 BTC, a significant decline from last year’s more than 200,000 BTC accumulated by mid-year.
This slump in ETF inflows indicates a lack of institutional confidence which has previously catalyzed significant price swings. With daily inflows ranging only between -5,000 to +3,000 BTC, the market is left searching for momentum from institutional players.
Despite a slight uptick in recent ETF activity, current levels are insufficient to trigger a substantial rally. Historically, the influx of institutional investments has proven critical in driving Bitcoin’s price movements.
Resilience Amidst Macro Challenges: Bitcoin’s Rise Towards $100,000
Over the last month, Bitcoin has demonstrated strong resilience, rebounding more than 14% from a previous dip below $75,000. This recovery occurs against a backdrop of macroeconomic challenges, including fluctuating U.S. policies that have affected traditional markets.
Currently, Bitcoin stands just 6.3% shy of the pivotal $100,000 level. Analysts believe the current sentiment indicates a bullish outlook, with expectations of reaching $150,000 if favorable macroeconomic conditions persist.
As MEXC COO Tracy Jin notes, “The growing institutional appetite coupled with supply challenges illustrates Bitcoin’s evolving role in the financial landscape. Should trade tensions ease and accumulation continue, a summer rally toward $150,000 is plausible.”
Conclusion
In summary, while Bitcoin’s recent price advance suggests a temporary resurgence in demand, the sluggish pace of ETF inflows reflects ongoing caution in the institutional sector. As the market braces for potential further movements, both apparent demand and institutional engagement will be critical to sustaining momentum. Engaging actively with macroeconomic conditions could set the stage for a significant breakout in the coming months.
