CoinShares data indicates that Bitcoin investment products saw over $1 billion in inflows last week, bringing the total inflows since the start of the year to approximately $14.6 billion. This increase in investments is largely attributed to institutions and long-term investors increasing their investments in spot Bitcoin ETF funds. The week ending May 24 saw $1.01 billion in inflows into Bitcoin exchange-traded products.
High Interest in Bitcoin ETF Funds
Total inflows into all cryptocurrency investment products reached $1.05 billion, breaking the all-time record of $14.9 billion for 2024 so far. CoinShares’ Weekly Crypto Asset Fund Flows report, published on May 28, highlighted a 28% increase in weekly trading volumes, reaching $13.6 billion. Crypto funds now manage assets worth $98.43 billion.
The recent surge in buying and price increases is primarily due to market expectations that spot Ethereum ETF funds will be approved in the US. Despite Ethereum’s underperformance following approval, continued inflows into spot Bitcoin ETF funds are significant.
Farside Investors data shows that institutions invested approximately $1.057 billion in spot Bitcoin ETF funds between May 20 and May 24. Grayscale’s IBIT saw outflows dramatically drop to just $20.5 million per week.
What to Expect for Bitcoin?
Popular analyst Daan Crypto Trades noted that Bitcoin’s 8-hour chart, when zoomed out over several months, shows price action ranging from $59,095 to an all-time high of $73,800 on March 14.
According to popular analyst Daan Crypto Trades, Bitcoin’s price action over the past few months has ranged widely from $59,095 to an all-time high of $73,800 on March 14. He noted on May 27 that small deviations below this range were quickly reversed:
“Bitcoin has done nothing but move within a range similar to previous consolidations in this cycle.”
Analyst Rekt Capital observed that Bitcoin’s recent recovery above $70,000 has created another local peak. He predicts that Bitcoin will likely continue to consolidate between $60,000 and $70,000, and he shared this chart on May 28.
