Spot Bitcoin ETF products hit a record net inflow on Friday despite the correction that ensued following Bitcoins ATH.In today's latest bitcoin price news, Bitcoin has experienced a volatile week, with its price correcting after reaching an all-time high of $99,800 on Nov. 22. The premier crypto asset had aimed for the historic $100,000 price level, surpassing crucial resistance levels to claim $99,800 on Friday.However, the asset recorded a pullback from this level, breaching several support levels to reach the current value of $92,559. This marked a decline of over 7% from the $99,800 all-time high. A previous report from The Crypto Basic confirmed that analysts attribute the recent price collapse to profit-taking activities by both long-term and short-term holders. Nonetheless, despite this pullback, market data provided by Sosovalue reveals positive trends in Bitcoin exchange traded Funds (ETFs). In addition, whale activity has been rather positive, suggesting sustained bullish momentum. Bitcoin ETF Products See Record Inflows On Nov. 22, the U.S. Bitcoin ETF market recorded $490.35 million in net inflows, pushing cumulative total inflows to a record $30.84 billion, according to data from Sosovalue. This milestone shows strong investor interest in Bitcoin, even as the assets price corrected from the $99,800 top. Bitcoin ETF Flows SosovalueBitcoin ETF Flows | SosovalueHowever, by November 25, the market saw net outflows of $438.38 millionthe highest since Nov. 4. This reduced the cumulative net inflows to $30.40 billion. Despite the decline, total inflows remained above the November 21 peak of $30.35 billion.Throughout last week, Bitcoin ETF products witnessed consecutive days of inflows, contributing to the recent all-time high in cumulative net inflows. These investment vehicles recorded an impressive $2.379 billion in net inflows last week. Whales and Sharks Remain Bullish Meanwhile, as Bitcoin's price retraced below $95,000, whales and sharks displayed unwavering confidence. According to Santiment, wallets holding at least 10 BTC accumulated an additional 63,922 coins in November alone, worth around $6.06 billion. https://twitter.com/santimentfeed/status/1861152412863795352This behavior indicates optimism among large holders, who view the recent price correction as a buying opportunity. Analysts believe this sustained accumulation could support a bullish trend and suggest any further declines may be short-lived. Declining Exchange ReservesFurther, CryptoQuant data shows that Bitcoin exchange reserves are steadily declining, signaling a reduction in selling pressure. Bitcoin Exchange Reserve CryptoQuantAnalysts point out that this trend resembles the market behavior from March to November 2020. During that period, Bitcoin exchange reserves fell, paving the way for significant price increases in December 2020. Current market conditions suggest a similar pattern, with some late entrants using the pullback to accumulate Bitcoin. This trend supports the idea that the current correction may precede another upward price surge. Interestingly, The Crypto Basic confirmed today that CryptoQuant CEO Ki Young Ju believes the ongoing bull run remains intact despite the recent market pullback. Bitcoin currently trades for $92,559 at the reporting time, down 5.5% over the last 24 hours.
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