Bitcoin ETF Weekly Inflows Hit $823M As Investors Book $5.46B Profits

Key Insights:

• Spot Bitcoin ETF inflows continued, with over $823 million in the current week.
• In the meantime, BTC investors realized over $5.46 billion in profits.
• Analysts are comparing the current BTC price to the 2022 bear market.

Despite investors locking in substantial profits, spot Bitcoin ETFs received humongous inflows this week. The U.S. BTC ETFs registered net inflows exceeding $823 million. This is a sign of continued institutional interest in Bitcoin despite strong selling.

Bitcoin ETF Inflows Despite Investors Realizing Profits

According to Farside Investors, net inflows for the week totalled $823.7 million with continuous inflows. The week of April 20-24 is particularly noteworthy as flows turned positive after earlier days of uncertainty.

There was around $238 million in inflows on April 20, followed by a quiet day on April 21. Flows then picked up, with $335 million on April 22 and $223 million on April 23. However, the Bitcoin ETFs finished the week with a small net inflow of $14.4 million on April 24.

BlackRock’s IBIT Bitcoin ETF emerged as the largest contributor by raking in $732.6 million. Other contributions came from Fidelity’s FBTC and Ark Invest’s ARKB.

Meanwhile, Glassnode data indicates more than $5.46 billion in profits taken on-chain. These are typically seen around short-term highs. That implies traders are selling the rally.

What Do Analysts Think About Bitcoin Price?

Crypto analyst Ali Martinez said Bitcoin price patterns are not static. He wrote, “I believe technical patterns are not fixed; they morph as price develops. It is the behavior of buyers and sellers that inadvertently decides whether a level becomes a meaningless line or a liquidity wall.”

Bitcoin price is currently in several phases of a channel. The first phase was more than 100 days long, Martinez’s chart shows. It initially remained flat, but then broke down, resulting in a drop of more than 30%. It was followed by a shorter channel. However, it also broke down with another sharp decline.

The channels had a similar structure. Price ranged within a defined box. Resistance capped upside, while support held until BTC broke down. The Bitcoin price then fell rapidly, which triggered volatility and liquidations.

Inspite of the Bitcoin ETF inflows, the current phase looks tighter. Bitcoin price has entered a narrower trading range. Higher lows are forming while its repeatedly hitting resistance. This implies supply is being absorbed.

Ted Pillows also shared another chart, making a historical comparison. He compared the current Bitcoin price action to the 2022 bear run. Bitcoin experienced three significant bounce rallies in 2022 amid a downtrend. These rallies ranged in size from 20% to 45%.

The pattern remained consistent. The Bitcoin USD price would fall sharply, followed by a strong bounce. The bounces created ascending channels within bigger downtrends.

Each time, optimism reigned and netizens proclaimed a bottom and new highs. Nonetheless, each time it failed and a new downtrend ensued.

Pillows wrote, “$BTC had 3 pumps during the 2022 bear market. And every time, people called for a bottom and a new ATH. We are having a similar rally again.”

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