In Instant Pot® bowl, add 1 ½ cups of water and the rack. On top, place the can of condensed milk, closed and without the label.
Close and lock the Instant Pot® lid. Make sure the steam release handle is turned to Sealing . Press Pressure Cook , pressure level High, and set time to 45 Minutes. To make the caramel whiter, reduce time to 30 Minutes.
When done cooking, press Cancel and let the pressure release naturally. Once all the steam has been released, remove the lid and take out the can. Wait at least 15 minutes before opening.