Bitcoin Spot ETFs Hit Record $154M Net Inflow Amid Bullish Signals

• Bitcoin spot ETFs hit $154M net inflow, marking the 8th consecutive day of growth.
• BlackRock’s IBIT leads with a $91.95M inflow, boosting the total to $16.08B.
• BTC nears overbought RSI at 69.84, suggesting a possible short-term correction.

In a display of crypto market’s potential, the total net inflow of Bitcoin spot ETFs on May 22 reached a record high of $154 million, as annotated by SoSoValue data. Remarkably, this marks the eighth consecutive day of net inflows into these funds, signifying a sustained investor interest in Bitcoin through regulated financial instruments. 

BTC/USD 24-Hour Chart (Source: CoinStats )

As of press time, Bitcoin (BTC) is trading at $69,558.17, reflecting a modest increase of 0.34% compared to the previous day. Despite this slight uptick, Bitcoin remains 5.84% below its all-time high. Additionally, the current market capitalization is $1.37 trillion, reflecting a 0.25% decline, while its 24-hour trading volume has decreased by 23.39%, now standing at $30.95 billion.

Spot ETF Inflow Dynamics

Among the various Bitcoin spot ETFs, BlackRock’s ETF IBIT recorded the highest net inflow for the day, amounting to $91.95 million. This influx brings IBIT’s total historical net inflow to $16.08 billion, positioning it as a major player in the Bitcoin ETF market.

Fidelity’s ETF FBTC followed closely, with a daily net inflow of $74.57 million. FBTC’s cumulative net inflow now stands at $8.65 billion, highlighting its growing prominence in the sector.

Conversely, Grayscale’s ETF GBTC experienced a net outflow of $16.09 million, which has contributed to its total historical net outflow of $17.63 billion. This outflow trend for GBTC contrasts with the broader market’s inflow pattern, indicating varying investor sentiment across different ETFs.

Meanwhile, the total net asset value of Bitcoin spot ETFs has reached $59.20 billion, with the ETF net asset ratio standing at 4.33%. The historical cumulative net inflow for Bitcoin spot ETFs now totals $13.33 billion, reflecting sustained investor interest over time.

BTC Post-Halving Analysis

Bitcoin’s price has shown significant growth around its halving events, reflecting notable trends that draw attention from investors. In July 2016, Bitcoin experienced a gradual price increase leading up to its halving event.

Following this event, BTC surged to a high of $18,863.60, marking an impressive gain of 3,959.63% from its pre-halving level. This significant rise occurred over a span of 518 days. The next halving event in May 2020 followed a similar pattern.

BTC/USD 1-Month Chart (Source: Tradingview )

Bitcoin’s price increased as the halving approached, and post-halving, BTC peaked at $60,678.00. This peak represented a 678.70% increase from its pre-halving price, achieved over 549 days. These substantial gains underscore the impact of halving events on Bitcoin’s market performance.

Most recently, the halving that took place last month has also shown positive trends. Currently, Bitcoin is trading at $69,558.17, reflecting a notable uptick. Based on historical post-halving trends and market behavior, Bitcoin is anticipated to reach a potential high around $150,000. This projection represents a 166.64% increase from the current price level, suggesting continued investor interest and market activity.

BTC/USD 1-Month Chart (Source: Tradingview )

On the technical front, the MACD line is surging upward, positioned at 9,008.60, above the signal line, indicating strong bullish momentum for BTC. Additionally, the histogram bars are expanding in the green zone above the zero line, suggesting that the bullish trend is gaining strength.

On the other hand, the RSI is approaching the overbought territory, typically above 70, which indicates that Bitcoin might be overvalued in the short term and could be due for a correction. However, with the RSI currently at 69.84, there is still some room for the bullish sentiment to persist before any price correction comes into play.