According to recent reports, Bitcoin weekly transaction volume dropped to $14 billion, and this was the lowest level seen since 2023. Bitcoin remained flat last week, exhibiting low volatility around $67,000, after remaining weak in its last attempt at $70,000 2 weeks ago. It is seen that the crypto money, which started the new week with buyers, is making moves towards the $ 69,000 region. 

While there is a decrease in Bitcoin spot transactions and a decrease in Blockchain transactions, ETF transactions continue to dominate the Bitcoin market day by day. 

Santiment data showed that only 722 thousand BTC was transferred in the Bitcoin network in the last week. So much so that the Bitcoin network recorded 1.70 million BTC transfers despite having similar transaction volumes in October 2023, when the rise started to accelerate.

Market commentators, on the other hand, point to macroeconomic factors as among the main developments that will cause the low transaction volumes reflecting the waiting phase in Bitcoin to increase again. In this process, a decrease in inflation data can be interpreted positively for the Bitcoin price. It is thought that the downward trend in inflation, which is the Fed's main criterion for interest rate cuts, may trigger risky markets.

On the other hand, ETF transactions affecting the Bitcoin price continue to be closely monitored. According to the CoinShares report, Bitcoin investment products managed to attract as much as $185 million in funds last week, while fund flow remained positive. However, while the flow of funds remained weak compared to the previous two weeks, this was reflected in a weekly decrease of 1% in the Bitcoin price.

The stabilization of Bitcoin ETFs since the beginning of the year leads to a significant decrease in stock market balances. As institutional investors turned to Bitcoin investment products in regulated markets instead of Bitcoin, approximately 88 thousand BTC was withdrawn from crypto exchanges as of May.