Bitcoin ETF

Bitcoin

Grayscale Bitcoin Trust

Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) saw continued weakness into Feb. 23 as consolidation accompanied a brief slowdown in institutional investment.&nbsp;
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 <img src="https://s3.cointelegraph.com/uploads/2024-02/0263ded2-2f49-45ec-a8ea-9355fee94c0b.png" alt="" title="">
 <figcaption style="text-align: center;">
 BTC/USD 1-day chart. Source: TradingView
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<h2 data-ct-non-breakable="true" id="bitcoin-etfs-bounce-back-from-day-of-outflows">Bitcoin ETFs bounce back from day of outflows</h2>
Data from <a href="https://subscription.cointelegraph.com/">Cointelegraph Markets Pro</a> and <a href="https://www.tradingview.com/symbols/BTCGBP/?exchange=BINANCE" target="_blank" rel="noopener nofollow">TradingView</a> showed BTC price action struggling around $51,000.
Bulls remained caught in a <a href="https://cointelegraph.com/news/btc-price-drops-1-week-low-bitcoin-whales-nvidia">narrow trading zone</a>, in place for more than a week, as concerns surfaced over inflows to the spot Bitcoin exchange-traded funds (ETFs).
These slowed considerably in recent days, with Feb. 21 even seeing a net outflow of some $36 million, per data uploaded to X (formerly Twitter) by sources including BitMEX Research.
<blockquote class="twitter-tweet">
 Same data in BTC terms. 694 BTC net outflow on 21 Feb 2024 <a href="https://t.co/mpqoo44VA2">pic.twitter.com/mpqoo44VA2</a>— BitMEX Research (@BitMEXResearch) <a href="https://twitter.com/BitMEXResearch/status/1760646906563244333?ref_src=twsrc%5Etfw">February 22, 2024</a>
</blockquote> 
Feb. 22 saw stronger activity — <a href="https://twitter.com/BitMEXResearch/status/1760936963043999792" target="_blank" rel="noopener nofollow">net inflows</a> of just over a quarter of a million dollars, even accounting for outflows from the Grayscale Bitcoin Trust (GBTC).
“Normality resumed a $251M inflow into the Bitcoin ETFs,” James Van Straten, research and data analyst at crypto insights firm CryptoSlate, <a href="https://twitter.com/jvs_btc/status/1760898019573326021" target="_blank" rel="noopener nofollow">responded</a>.
Continuing on the pace of buying from the ETF operators, Thomas Fahrer, CEO of crypto-focused reviews portal Apollo, predicted that the largest of them, BlackRock’s iShares Bitcoin ETF (IBIT), would in the future change BTC supply dynamics.
“98% of all the #Bitcoin in existence already costs &gt;100K if you tried to buy it,” he <a href="https://twitter.com/thomas_fahrer/status/1760591728552321358" target="_blank" rel="noopener nofollow">argued</a> alongside a chart of IBIT holdings. 
<blockquote data-ct-non-breakable="true">
 “Remember that the current price is just the marginal trade. Blackrock is going to test this theory, so we’ll find out soon enough.”
</blockquote>
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-02/0b839b5b-1f7b-4eed-9a86-c957c91dc68b.png" alt="" title="">
 <figcaption style="text-align: center;">
 Spot Bitcoin ETF holdings (screenshot). Source: Apollo
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As of Feb. 23, IBIT held 124,535 BTC ($6.35 billion), per data from Apollo’s own <a href="https://heyapollo.com/bitcoin-etf" target="_blank" rel="noopener nofollow">ETF tracker</a>.
<h2 id="btc-price-nears-trend-inflection-point">BTC price nears “trend inflection point”</h2>
Focusing on low-timeframe BTC price analysis, meanwhile, popular trader Skew captured the mood among seasoned market observers.
Related:&nbsp;<a href="https://cointelegraph.com/news/bitcoin-pre-halving-pullback-45k-btc-price-support-retest">Bitcoin pre-halving ‘pullback’ calls for $45K BTC price support retest</a>
The uptrend, he concluded, remained intact, but important support levels were now coming back into play.
These were the 88-period and 100-period exponential moving averages (EMAs) on the four-hour chart at $50,017 and $49,654, respectively, along with the 18-period EMA on the daily chart at $49,645.
“Currently price trades around range low &amp; 4H 55EMA which typically is a near term trend inflection point, meaning momentum picks up soon,” part of his latest X analysis read.
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 “Buyers &amp; Sellers likely to fight here for control.”
</blockquote>
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-02/0cc115e5-cdd0-40b7-9ed9-f97ac39890be.png" alt="" title="">
 <figcaption style="text-align: center;">
 BTC/USD 4-hour chart with EMA data. Source: TradingView
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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Bitcoin ETF inflows recover as BTC price nears key $50K support

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