---
title: "Bitcoin ETF inflows recover as BTC price nears key $50K support"
url: https://diffcoin.com/bitcoin-etf-inflows-recover-as-btc-price-nears-key-50k-support/
description: "Bitcoin (BTC) saw continued weakness into Feb. 23 as consolidation accompanied a brief slowdown in institutional investment. BTC/USD 1-day chart. Source:…"
published: 2024-02-23
updated: 2024-02-23
author: "Mila"
site: "Diffcoin"
---

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

Bitcoin (BTC) saw continued weakness into Feb. 23 as consolidation accompanied a brief slowdown in institutional investment.

*BTC/USD 1-day chart. Source: TradingView*

## Bitcoin ETFs bounce back from day of outflows

Data from Cointelegraph Markets Pro and TradingView showed BTC price action struggling around $51,000.

Bulls remained caught in a narrow trading zone, 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.

> Same data in BTC terms.
> 
> 694 BTC net outflow on 21 Feb 2024 [pic.twitter.com/mpqoo44VA2](https://t.co/mpqoo44VA2)
> 
> — BitMEX Research (@BitMEXResearch) [February 22, 2024](https://twitter.com/BitMEXResearch/status/1760646906563244333?ref_src=twsrc%5Etfw)

Feb. 22 saw stronger activity — [net inflows](https://twitter.com/BitMEXResearch/status/1760936963043999792) 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, [responded](https://twitter.com/jvs_btc/status/1760898019573326021).

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 future change BTC supply dynamics.

“98% of all the #Bitcoin in existence already costs >100K if you tried to buy it,” he [argued](https://twitter.com/thomas_fahrer/status/1760591728552321358) alongside a chart of IBIT holdings.

> “Remember that the current price is just the marginal trade. Blackrock is going to test this theory, so we’ll find out soon enough.”

*Spot Bitcoin ETF holdings (screenshot). Source: Apollo*

As of Feb. 23, IBIT held 124,535 BTC ($6.35 billion), per data from Apollo’s own ETF tracker.

## BTC price nears “trend inflection point”

Focusing on low-timeframe BTC price analysis, meanwhile, popular trader Skew captured the mood among seasoned market observers.

***Related: Bitcoin pre-halving ‘pullback’ calls for $45K BTC price support retest***

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 4-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 & 4H 55EMA which typically is a near term trend inflection point, meaning momentum picks up soon,” part of his latest X analysis read.

> “Buyers & Sellers likely to fight here for control.”

BTC/USD 4-hour chart with EMA data. Source: TradingView

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.

[Source link](https://cointelegraph.com/news/bitcoin-etf-inflows-recover-btc-price-50k-support)