Bitcoin ETF Inflows Top $335M, Will BTC Price Hit $80K?

Key Insights:

• Spot Bitcoin ETF inflows in the U.S. reached $335 million on Wednesday.
• BTC price remained stable around $77,000 amid the capital influx.
• Institutional BTC adoption is also growing, with continued accumulation by Hyperscale and MicroStrategy.

Bitcoin ETF products saw a significant jump in inflows, totaling around $335.8 million on Wednesday, April 22. These inflows pushed the week’s total to more than $586 million.

Bitcoin ETF Inflows Spike Over $300 Million

According to Farside Investors statistics, BlackRock took the lead with its IBIT Bitcoin ETF, bringing in $246.9 million. Moreover, Fidelity’s FBTC brought in $56.7 million. A notable influx was also exhibited by Bitwise BITB ($15.4 million) and ARK ARKB ($11.9 million).

The April 22 numbers are a stark contrast with the previous day, when activity was lackluster, with the total inflows only being $11.8 million. Spot Bitcoin ETF flows have been choppy over the last two weeks.

These ETFs saw outflows of $291 million on April 13, amid periods of strong inflows. Nonetheless, cumulative inflows are large, with IBIT alone totaling over $65 billion since inception.

Grayscale’s GBTC, however, continued to see outflows, reporting a negative flow of $16.6 million on April 22. The GBTC Bitcoin ETF has experienced consistent redemptions totaling more than $26 billion since its inception. It indicates continued investor interest in lower-priced alternatives.

At the same time, more recent funds like VanEck HODL and Valkyrie BRRR recorded small yet consistent inflows.

BTC Price Analysis Shows Potential Surge to $88,000

The Bitcoin ETF inflow momentum arrives as the BTC price action hovers around an important technical indicator. According to a chart posted by analyst Michaël van de Poppe, Bitcoin has just tested the $79,000 mark and has since slightly retreated.

The chart shows a distinct recovery framework after a drastic correction earlier in the year. It spotlights how the Bitcoin price is steadily rising out of the mid-60,000 bracket.

Key technical levels on the chart include the “crucial area to hold” between $73,000 and $75,000. The zone has previously served as a support in the recent consolidation.

At the higher level, Bitcoin price faces a major resistance in the $85,000 to $88,000 range. The chart also shows that there could be an increase of about $12,400 (about 16.5%) in case Bitcoin breaks through resistance. Hence, it could approach the psychologically critical level of $90,000.

BTC Maintains Key Support Amid Normal Consolidation Phase

Poppe explained the new trend as ordinary consolidation, not an indicator of weakness. “We tested the $79K area and fell back slightly,” he wrote. The analyst added, “Quite some normal price action on Bitcoin, and I don’t think we’ll cascade down from here.”

He also stressed the importance of holding the support level for Bitcoin price. He said, “I’d much rather see a continuation to $85-88K over the next 1-2 weeks, as long as $73-75K holds.”

The chart also indicates a slow, rising trend with higher lows since March, as the moving average rises. It indicates a strong bullish structure. Moreover, the volume surge in previous sell-offs has died down, signaling lower sell pressure as the BTC price remains stable.

One contributing factor to this resilience is institutional accumulation. Along with Bitcoin ETF inflows, corporate adoption is ongoing with Hyperscale Data (GPUS) recently acquiring 13.2 BTC to its holdings. It now holds a total of 663.31 BTC. Further, Michael Saylor’s MicroStrategy also bought $2.54 billion worth of Bitcoin on Monday.

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