Bitcoin (BTC) continued to show weakness on February 23 as institutional investment slowed down, causing consolidation in the market. The price of BTC struggled around $51,000, with bulls trapped in a narrow trading zone for over a week. Concerns arose over inflows to spot Bitcoin exchange-traded funds (ETFs), which have slowed down recently. On February 21, there was even a net outflow of $36 million. However, on February 22, there were net inflows of just over a quarter of a million dollars. James Van Straten, a research and data analyst at CryptoSlate, commented that normality had returned with a $251 million inflow into Bitcoin ETFs. Thomas Fahrer, CEO of Apollo, predicted that BlackRock’s iShares Bitcoin ETF (IBIT) would change the dynamics of BTC supply in the future. He argued that 98% of all Bitcoin in existence already costs more than $100,000. As of February 23, IBIT held 124,535 BTC worth $6.35 billion. In terms of BTC price analysis, important support levels were identified at $50,017 and $49,654 on the four-hour chart, and at $49,645 on the daily chart. Popular trader Skew noted that the uptrend remained intact, but these support levels were crucial. This article does not provide investment advice and readers should conduct their own research before making any decisions.
Bitcoin ETF sees increased inflows as BTC price approaches critical $50K support level