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 CRYPTOCAP:BTC over the past week, which scooped up more than a month's worth of new CRYPTOCAP: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 CRYPTOCAP: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 CRYPTOCAP: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 CRYPTOCAP: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.