- Spot Bitcoin ETFs acquired 18,644 BTC last week, nearly six times miners’ 3,150 BTC output.
- BlackRock’s IBIT saw $2.5 billion inflows in five days, marking 17 straight days without outflows.
- Bitcoin hit $97,700 on May 2 before sliding to $94,224; key resistance stands at $95,750.
Spot Bitcoin ETFs in the United States have showcased remarkable strength, purchasing Bitcoin at a pace far outstripping what miners can produce. In the past week, Bitcoin ETFs acquired 18,644 BTC, as reported by HODL15Capital on May 4. In comparison, miners only produced 3,150 BTC during that same time frame.
This sharp imbalance means ETFs consumed nearly six times the fresh Bitcoin supply. Since miners typically produce about 450 coins per day, institutional demand has dwarfed the available new supply, indicating a strong appetite from investors in recent days.
Farside Investors highlighted that despite a net outflow of funds on April 30, inflows for the remaining four days pushed the total to around $1.8 billion. This buying momentum has closely followed the market’s broader recovery, with only a single day of net outflows seen since mid-April.
BlackRock’s IBIT Dominates Bitcoin ETF Market
Market leader BlackRock’s iShares Bitcoin Trust (IBIT) has proven dominant, absorbing nearly $2.5 billion in inflows over the past five trading days. Impressively, IBIT has maintained a flawless streak of 17 consecutive days without a single outflow, underscoring sustained investor confidence.
Nate Geraci, president of ETF Store, noted on May 3 that spot Bitcoin ETFs have rapidly expanded into a nearly $110 billion asset class, overcoming notable distribution limitations. Despite this impressive growth, many financial advisers and brokerage firms remain restricted in their ability to recommend or offer direct access to Bitcoin-related investment vehicles.
Geraci emphasized that such restrictions continue to act as a brake on the full potential of the market. Yet, momentum builds steadily. Regulatory relief could dramatically accelerate adoption and elevate participation across broader financial channels. As barriers gradually weaken, institutional access may widen, opening the door for transformative expansion within digital asset investment infrastructure.
Bitcoin’s Price Action: Critical Levels Ahead
Bitcoin’s spot price responded early in May with a notable 4% increase, touching a six-week high of $97,700 on May 2. The gains were brief, however. At present, BTC trades around $94,224, hovering beneath the 100-hour simple moving average, signaling possible near-term pressure.
Resistance zones now sit near $94,500 and $95,250, with a larger hurdle at $95,750. Breaking through these might reignite upward momentum toward $96,800 and eventually back to $98,000.
However, a failure to reclaim $95,250 could trigger renewed selling. Immediate support lies at $94,000, with deeper floors found near $93,500 and $93,200. Any further slip could test the $92,500 zone soon, with major support holding down at $91,200.
The hourly Relative Strength Index (RSI) is currently below the 50 mark, hinting at waning bullish energy in the short term. Despite this, the pace of ETF accumulation signals a strong undercurrent of institutional belief in Bitcoin’s long-term value.
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