On Monday, May 20, the eleven spot Bitcoin ETFs recorded inflows of almost $237 million, marking a bullish start to the week for the market. Amidst encouraging news on the licensing of the spot Ethereum ETF, the price of Bitcoin has also increased by 7% in the last day, reaching $72,000.

Inflows Into Bitcoin ETFs Exceed Daily BTC Mined

On May 20, Bitcoin spot ETFs experienced a notable net inflow of $241 million, as per statistics from Farside Investors.

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Despite Grayscale CEO Michael Sonnenshein’s departure, Grayscale’s ETF GBTC attracted $9.35 million in a single day, defying expectations. For the seventh day in a row, GBTC had net inflows.

In addition, $68.28 million was drawn into the ETF ARKB, which Ark Invest and 21Shares manage. In comparison, $66.35 million was deposited into BlackRock’s ETF IBIT.

The daily supply of BTC produced by mining is over six to seven times smaller than the current daily inflows into spot Bitcoin ETFs. Bitcoin ETFs bought more than 3,400 BTC on May 20, 2024, far exceeding the 450 BTC daily mining pace.

According to data from HODL15Capital, this contributed to the final U.S. Bitcoin ETF inflows of $235 million for the day, or 3,518 BTC, versus a weekly mining total of 3,150 BTC. On Monday, the net buyers were also the Bitcoin ETFs issued in Hong Kong.

Is a $100 BTC price rally planned?

With almost $932 million in inflows into Bitcoin investment products last week, institutional interest in the cryptocurrency is again rising.

As was mentioned yesterday, the price of Bitcoin has stabilized at $60,000–$70,000 in the region for several weeks. This gave investors more time to amass Bitcoins before the commencement of the pre-halving surge.

According to data from CryptoCon, Bitcoin is expected to reach its layer seven price target of $149,000 by the end of 2024. This projection has been made based on the Log Regression Curves, which are well-known for accurately predicting the cycle tops in 2021. A more cautious layer six target predicts that Bitcoin will hit $108,000 by year’s end, matching the 2013 cycle top.