Bitcoin (BTC) 
$76,429 achieved a remarkable milestone by reaching and closing at $111,390 on May 22, marking the highest closing price recorded to date. Despite a slight downturn over the last 24 hours, influenced by political and macroeconomic developments, the momentum of capital entering the market has not diminished. Data compiled by on-chain analyst Axel Adler Jr. indicates that daily net inflows are around $1.8 billion. This volume of inflows, comparable to those seen during the peak of the 2021 bull run, suggests that investor confidence remains robust. The recent price record has not triggered profit-taking but instead attracted new capital directly into Bitcoin.
Institutional Capital Influx Sets New Records
Adler’s collated data reveals that the strongest inflows coincide with price surges. When Bitcoin’s price was $73,000, a single-day entry of $3.6 billion was recorded, which increased to $4.5 billion as the price approached $92,000. Buyers’ confidence is not diminished by rising prices; instead, it appears to be strengthened.
In this changing landscape of collective behavior, institutional capital that “chases the rise” is taking precedence over the “buy the dip” reflex. As fund managers perceive Bitcoin as a portfolio diversification tool regardless of its price, the threshold of demand is elevated.
The permanence of this trend is also evident in ETF demands. Since mid-May, inflows into spot Bitcoin ETFs have increased at each new high without disrupting the balance. Consequently, long-term capital dominates the market, absorbing volatility created by short-term speculators. Even a 5.8% pullback in just five days did not cause panic. The market entered a consolidation phase while maintaining depth.
Technical Indicators Support the Uptrend
The Relative Strength Index (RSI) stands at 53.5 and has moved within the 50-70 range since the end of February. Thus, Bitcoin shows no signs of overbought conditions or exhaustion. The “golden cross” formed on May 22, when the 50-day average crossed above the 200-day average, has further enhanced trend strength. Moreover, the gap between these averages is widening daily, indicating that the long-term momentum is sustained.
Beyond the average, the Average Directional Index (ADX) remains at 25.8, confirming the trend’s ongoing vitality. The upward momentum, which began at the end of April, merged with volume support to create a healthy consolidation range. While the price consolidates between $103,000 and $106,000, the $100,000 level remains a firm psychological support for long-term investors. Continuous new capital inflow is crucial for the next leg of the uptrend, aiming for closings above $113,000.
Even at record highs, net capital inflows have set new records, technical indicators maintain their strength, and institutional appetite remains unflagging. Bitcoin has gained over 11% in 30 days, retaining a cautiously optimistic mood.
