Despite the Grayscale's ETF bitcoin outflows of $13.8 billion worth of Bitcoin, Blackrock's IBIT ETF absorbed $13.341 billion between March 6 and March 22. The net US ETF demand in that period was +$11.27 billion.

This does not count other buyers like Microstrategy. With halving 27 days away, there's a good chance that this will be a bullish week for bitcoin given that Grayscale's sales reduced to $169.9 million on Friday, down from $358.8 million in the previous day and below the average Grayscale's outflow of $276 million per day between March 6 and March 22.

Bitcoin demand from Vaneck Bitcoin Trust ETF and WisdomTree Bitcoin Fund reduced to zero on Friday last week and this could be a demand concern.