The Bitcoin ETF market has seen a surge in inflows, with over $237 million invested on Monday, May 20. This positive momentum has coincided with a 7% rally in the Bitcoin price, which reached $72,000 amid developments surrounding the spot Ethereum ETF approval.

On May 20, Bitcoin spot ETFs recorded a substantial net inflow totaling $241 million, according to data from Farside Investors. Grayscale's ETF GBTC also attracted $9.35 million in a single day, despite the news of CEO Michael Sonnenshein's resignation. This marked the fifth consecutive day of GBTC recording net inflows.

Other notable inflows include $68.28 million into the ETF ARKB, managed by Ark Invest and 21Shares, and $66.35 million into BlackRock's ETF IBIT.

The recent daily inflows into spot Bitcoin ETFs are nearly 6-7 times the daily BTC supply generated through mining. On May 20, 2024, Bitcoin ETFs purchased over 3,400 BTC, significantly outpacing the daily mining rate of 450 BTC. This contributed to the final U.S. Bitcoin ETF inflows of $235 million for the day, translating to 3,518 BTC against a weekly mining total of 3,150 BTC, as per data from HODL15Capital. Hong Kong Bitcoin ETFs were also net buyers on Monday.

Institutional Interest Fueling Bitcoin's Potential Rally to $100,000

Institutional interest in Bitcoin is once again surging, with Bitcoin investment products seeing over $932 million worth of inflows last week. The Bitcoin price has been consolidating for weeks in the range of $60,000-$70,000, providing investors with an opportunity to accumulate Bitcoins before the pre-halving rally begins.

According to data from CryptoCon, Bitcoin remains on track for a layer 7 price target of $149,000 by the end of 2024. This projection is based on the Log Regression Curves, known for their accuracy in predicting the 2021 cycle tops. A more conservative layer 6 target, aligning with the 2013 cycle top, estimates Bitcoin reaching $108,000 by year-end.

As the Bitcoin ETF market continues to attract significant inflows and the price surges past $72,000, the stage is set for a potential rally towards the $100,000 mark. Institutional investors are once again demonstrating their confidence in Bitcoin's long-term potential, fueling the ongoing bull run.