The spot #Bitcoin ETF market started the week on a strong note, with over $237 million in inflows reported across all eleven spot Bitcoin ETFs on May 20, the first trading day of the week. This increase in inflows coincided with a significant rise in the price of Bitcoin (BTC), which reached $72,000, a 7 percent increase. The positive sentiment in the market was further strengthened by encouraging news regarding the potential approval of a spot Ethereum ETF.

Investor Influx into Spot Bitcoin ETFs

On May 20, spot Bitcoin ETFs saw significant net inflows of $241 million, according to data provided by Farside Investors. Notable inflows included a net inflow of 9.35 million into Grayscale's ETF GBTC in a single day, despite the announcement of CEO Michael Sonnenshein's resignation. This was the fifth consecutive day of net inflows for GBTC, indicating continued investor interest in the ETF.

Ark Invest and 21Shares' spot Bitcoin ETF ARKB saw significant inflows of net $68.28 million, while BlackRock's ETF IBIT saw net inflows of $66.35 million.

In particular, the sum of daily inflows into spot Bitcoin ETFs has significantly exceeded the daily supply of BTC produced through mining. In particular, on May 20, spot Bitcoin ETFs exceeded the daily mining production of 450 BTC and received investments of over 3,400 BTC.

This investment flow corresponds to 3,518 BTC, contributing to a total net inflow of $235 million into spot Bitcoin ETFs in the United States during the day. This figure exceeds the weekly mining production total of 3,150 BTC reported by HODL15Capital. In addition, spot Bitcoin ETFs in Hong Kong were also net buyers on the same day, indicating increased global interest in Bitcoin investment products.

Renewed institutional interest in Bitcoin is evident as Bitcoin investment products attracted inflows of over $932 million last week. This increase in investment activity comes at a time when the price of the largest cryptocurrency is consolidating between $60,000 and $70,000, providing a significant opportunity for investors to accumulate BTC in anticipation of a potential pre-block reward halving rally.

Goals Started to Come

Cryptocurrency analyst CryptoCon has claimed that Bitcoin is on track to reach a tier 7 price target of $149,000 by the end of 2024, based on Log Regression Curves that historically accurately predict the 2021 cycle highs.

As a more conservative target, the analyst says that the 6th layer target, which is compatible with the peak of the 2013 cycle, is that Bitcoin will reach 108 thousand dollars by the end of the year.