U.S. spot exchange-traded funds based on Bitcoin have recorded record inflows over the past three months. The high performance indicates investors’ confidence in the long-term growth of the main cryptocurrency’s value.
In addition, there are clearly visible signs of normalization of the market situation after the adoption of new customs tariffs by the U.S. government on the initiative of President Donald Trump. That is, in general, the situation with the coin industry has become much better.
What’s happening with Bitcoin ETFs
Investment in Bitcoin-ETFs has recovered to levels seen in January. This indicates a return of positive investor sentiment after fears of a global trade war that essentially started but just as quickly ended.
As a result, U.S. spot Bitcoin ETFs recorded inflows of $912 million through April 22. This is the largest result since January 17, 2025, that is, in more than three months.
Investor optimism increased after U.S. President Donald Trump announced an impending reduction in import duties on Chinese goods, taking a softer stance in negotiations. Lower tensions and increased inflows into ETFs helped Bitcoin cross the $94,000 mark for the first time in seven weeks today.
The U.S. Dollar Index (DXY), which reflects the dollar’s strength against a basket of major currencies, has fallen 9 percent since the start of 2025, hitting a three-year low of around 98.8 points. This index was last recorded in April 2022.
Crypto and traditional markets are “balancing political tensions and economic reality,” with Bitcoin showing a strong recovery thanks to “strong inflows into ETFs, institutional buying and a weak dollar.”
This statement was made by Nexo analyst Ilya Kalchev. Here is his comment:
Bitcoin’s strength against a weak dollar, record gold prices and a new round of institutional interest shows how the market is redefining security. The narrative has clearly shifted. Bitcoin is no longer trading in the shadow of the technology sector – it is becoming a tool through which macroeconomic uncertainty is revalued.
Nansen CEO Alex Svanevik also noted Bitcoin’s resilience, emphasizing that over the past two weeks the asset has become “less like Nasdaq and more like gold.”
At the same time, on April 21, BitMEX co-founder Arthur Hayes suggested that this could be the “last chance” to buy Bitcoin cheaper than $100,000, because the upcoming fiscal policy of the U.S. Department of the United States will be the next major catalyst for growth in the price of the main cryptocurrency.
Comparison of Bitcoin with other global assets
Bitcoin also overtook Alphabet (Google) today, along with silver, to become the world’s fifth most valuable asset by market capitalization. As of April 23, BTC’s capitalization rose to $1.87 trillion, slightly surpassing Alphabet’s estimate of $1.859 trillion, according to Asset Rankings.
BTC is now second only to gold, Apple, Microsoft and Nvidia. Of course, comparing the capitalization of a cryptocurrency and an entire company with its products and production is not quite right, but the overall trend is still noteworthy.
Bitcoin’s advantage over Alphabet has coincided with its continued move away from its longstanding correlation with U.S. tech stocks – especially in April, when the price of BTC surged 15 percent amid the Nasdaq 100’s 4.5 percent return over the same period.
This divergence followed several months of disappointment for bulls, who expected stronger growth after the US presidential election, which Trump won. However, even despite the April gains, the BTC price is still 14 percent below the all-time high of $108.7 thousand dollars reached in January.
A macro analyst under the nickname Fejau emphasized that capital outflows from U.S. assets are likely to play into Bitcoin’s hands, as it is impossible to impose duties on it. That said, it “gives a high beta coefficient for a portfolio without the risks inherent in the U.S. tech sector.”
The current market phase is what Bitcoin was created for. Once the market downturn is over, it will be the first to break out.
Meanwhile, Alphabet is facing challenges in the form of regulatory pressure, antitrust litigation and declining digital advertising revenue. The rise of competitors focused on artificial intelligence and lowered growth forecasts also undermine confidence in Google’s long-term leadership.
By comparison, Bitcoin’s $1.87 trillion valuation now exceeds the value of two companies Tesla. This electric car maker added BTC to its balance sheet in 2021, when the cryptocurrency’s price was around $33,500. Now the return on that investment is about 180 percent.
Tesla released its financial report today. It turns out that the giant is still storing 11,509 bitcoins, which are currently valued at $1.07 billion.
The bottom line
Amid a weakening dollar, renewed institutional interest and record inflows into ETFs, Bitcoin is finally emerging from the shadow of traditional markets. Its comparison with gold-like assets no longer looks like a stretch, with the cryptocurrency increasingly becoming the main beneficiary of global instability in the long run.
Source: https://coinpaper.com/8651/bitcoin-surpasses-google-to-become-world-s-5th-largest-asset-by-market-cap