Bitcoin’s price is retracing, but strong ETF inflows, high network activity, and whale accumulation suggest BTC is on track to $140,000. Spot Bitcoin ETFs saw $2.9 billion in net inflows in two weeks, mirroring past rallies. Declining exchange balances and a rising transaction volume Z-score suggest increasing overall demand. Bitcoin (BTC) price was down 1.4% over the last 24 hours, trading 6% below its all-time high of $109,000, reached on Jan. 20. Several fundamental, on-chain, and technical metrics indicate that Bitcoin’s upside is not over. Bitcoin’s latest recovery was accompanied by strong investor appetite for spot Bitcoin exchange-traded funds (ETFs), recording $2.9 billion in net inflows over the last two weeks. The launch of US-based spot Bitcoin ETFs in January 2024 saw net inflows of about $8.5 billion between Feb. 13, 2024, and March 13, 2024. Cumulative daily inflows hit $5.7 billion between Nov. 6, 2024, and Dec. 16, 2024, aligning with Bitcoin’s 60% rally from $67,000 to $108,000. If ETF inflows continue, Bitcoin is likely to resume its uptrend towards new all-time highs. Increased inflows into spot Bitcoin ETFs signal high risk-on sentiment, evidenced by a drop in the CBOE Volatility Index (VIX). Bitcoin whales have been increasing their holdings, with Glassnode data showing intense accumulation by large investors. BTC balance on exchanges reached a six-year low of 2.44 million BTC on May 15, with more than 110,000 BTC moved off exchanges in the last 30 days. Increasing network activity supports Bitcoin’s potential to rise, with the Bitcoin transaction volume Z-score approaching 1, historically associated with price rallies. Bitcoin’s price has formed a rounded bottom chart pattern on the daily chart, with a technical target set at $140,000. The relative strength index is at 70, and a bullish cross from the SMAs suggests market conditions favor the upside, potentially even higher than $140,000. As Cointelegraph reported, BTC price had broken out of a bull flag in the weekly timeframe, projecting a rally to $150,000.