Bitcoin ETFs Ends The Week With 15K Bitcoin Inflow

$BTC/USD experienced a positive week, up +1.9% as of London's close on Friday. The price movement on the weekly timeframe has been working between the limits of a potential bullish flag pattern since forming the all-time high of $73,845 in March.

The Spot Bitcoin ETFs recorded an inflow of over 15,000 BTC over the past week, which scooped up more than a month's worth of new BTC mined and could lead to a supply shock if the robust flows continue. U.S. Spot Bitcoin ETFs snapped up more than 15,400 BTC last week. Michael Saylor highlighted the robust flows as the global ETF reserve neared 1 Nakamoto. This week's inflows bought Bitcoin worth more than new BTC mined over a month.

The Spot Bitcoin ETF market witnessed significant investor activity over the past week, marked by consistent net inflows and notable performances from major ETFs. These ETFs clocked over 15,000 BTC in inflows, which significantly outpaces a month's worth of new BTC mined. The week started strong with U.S. Spot Bitcoin ETFs registering inflows of over $241 million on Monday, May 20. Grayscale's ETF GBTC saw an influx of $9.35 million despite the resignation of CEO Michael Sonnenshein, marking the fifth consecutive day of net inflows for GBTC. ARKB, managed by Ark Invest and 21Shares, attracted $68.28 million, while BlackRock's IBIT saw inflows of $66.35 million.

Bitcoin ETFs maintained their positive trajectory with net inflows of $154 million on Wednesday, extending the streak to eight consecutive days. BlackRock's IBIT continued to attract significant investment with $91.95 million in inflows, while Fidelity's FBTC also performed well, registering $74.57 million in inflows. However, Grayscale's GBTC faced an outflow of $16.09 million.

Michael Saylor commended the robust performance of these ETFs and the global BTC ETF market, stating that Bitcoin held by 28 Spot ETFs is approaching 1 Nakamoto, suggesting that we could soon witness 1 million BTC locked into these investment products.

However, technical indicators like the Relative Strength Index (RSI) which sits at 57.45 puts BTC in a position of a bullish reversal as the asset is trading at $68,436.89. If the asset reaches the $75k pivot, a new All-time High of $80k is inevitable.