Bitcoin crossed back above $80,000 on May 4, riding a wave of risk appetite that started in Asian equities. The move snapped a brief period of uncertainty and put the largest cryptocurrency back within striking distance of key technical levels that traders are watching this week.
Asian equities lead the charge
The rally was driven by South Korea and Taiwan, where AI-related stocks soared. The Kospi closed at an all-time high above 6,900. SK Hynix jumped 13%, Samsung added 5.4%. In Taipei, the Taiex rose 4.6% as TSMC gained 6.6%. TSMC reported Q1 revenue of NT$1.134 trillion and net income up 58.3% year-over-year. SK Hynix cited record quarterly performance powered by AI demand. Samsung said memory sales were supported by AI and expected continued strength.
The Nasdaq composite rose 0.9% to a record close on May 1, and the S&P 500 also hit a fresh record. That broader risk-on mood spilled into crypto.
ETF flows return — but unevenly
US spot Bitcoin ETFs recorded $629.8 million in net inflows on May 1, reversing late-April outflows. BlackRock's IBIT led with $284.4 million, followed by Fidelity's FBTC at $213.4 million. The timing matters: money showed up before the May 4 Asian session, but the flows weren't a straight line.
The pattern suggests a rebound in risk appetite rather than a one-way institutional purchase program. Some funds are rotating in, others are still cautious. Bitcoin is now accessible through brokerage wrappers that look like ordinary securities — that changes the speed at which money moves.
Bitcoin and AI stocks: a portfolio link
Bitcoin's correlation with AI stocks isn't about shared identity — it's about portfolio risk appetite. When investors feel good about AI demand, they tend to increase exposure across risky assets. That dynamic has been visible for months. Back in February, Nvidia posted $68.1 billion revenue, $62.3 billion of it from Data Center, and Bitcoin traded like a risk appetite amplifier. This week's action fits that narrative.
Wall Street's risk-on rotation was already underway: equity funds absorbed $118 billion in four weeks, while money-market funds saw a $173 billion weekly outflow as of May 3. That cash is hunting for returns.
Key levels in sight
Bitcoin's 200-day moving average sits near $82,000. The ETF cost-basis reference is around $83,000. Those are the next hurdles. The rally has momentum, but the uneven flow pattern suggests resistance could be sticky. Whether Bitcoin punches through or stalls will depend on whether the AI trade keeps fueling risk appetite — and whether ETF inflows stay positive through the week.
