Key Points
- Bitcoin ETFs recorded net inflows of almost $306 million on May 21.
- BTC is now trading near $70k.
The latest data coming from SoSoValue shows that Bitcoin ETFs recorded net inflows of almost $306 million on May 21.
BlackRock’s Bitcoin ETF, IBIT, recorded a single-day net inflow of $290 million, and Fidelity’s Bitcoin ETF, FBTC, saw a net inflow of $26 million the other day. Grayscale’s Bitcoin ETF, GBTC, did not see any inflows or outflows.
The total net asset value of the Bitcoin ETFs was of $58,9 billion, according to the same data.
May 21 marks the seventh consecutive day in which Bitcoin ETFs recorded inflows.
Bitcoin trades near $70k
At the moment of writing this article, BTC is trading close to $69.8k, down by almost 2% in the past 24 hours, according to data from CoinMarketCap.
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Today, BTC’s price saw a slight correction after the other day which saw the price of the coin trading above the important level of $71k, and up by over 6% on the day.
On May 21, the price of BTC got close to $71,800 for the first time since March.
Bitcoin began a bullish ride during the past week, when, on May 15, the new CPI report revealed revigorating data of an eased inflation for April of 3.4%.
Following the bullish price moves from last week and the other day, Bitcoin was surrounded by optimistic predictions.
A potential price catalyst that was recently announced by Bitcoin developers was the network programmability.
Also, popular crypto analyst Willy Woo commented on Bitcoin’s recent price rally, saying that consolidation of the price under all-time highs needs to hold for a while before the coin can see fresh ATHs.
The other day, new reports coming from the Matrixport crypto platform suggested that we could see Bitcoin at a new ATH these days.
They posted on their X account that although Matrix on Target has been expecting a consolidation for the majority of the last couple of months, their last two weekly reports have been constructive and outright bullish again.
The team at Matrixport also cited bullish Trump moves, calling the former President Bitcoin’s “biggest upside risk”.
