Breaking: Massive Bitcoin ETF Inflows As Supply Dynamics Pushing BTC Price Towards $55K

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Bitwise Bitcoin ETF (BITB) Outshines Others With $11M Inflows – Crypto News

Published

1 year ago

May 9, 2024

Dripp

The crypto market saw a subdued yet positive day, marked by $11.5 million in inflows for Spot Bitcoin ETFs on Wednesday’s. The sole contributor to this uptick was the Bitwise ETF (BITB), while other prominent players witnessed no flows. However, the influx is substantial considering Tuesday’s outflows.

Spot Bitcoin ETF Inflows Hit $11.5 Million

According to Farside UK data, Bitwise’s BITB ETF accounted for an influx of $11.5 million on Wednesday, May 8. On the contrary, Blackrock’s iShares Bitcoin Trust (IBIT) and Grayscale’s GBTC ETF didn’t registered “zero” flows. In addition, Fidelity Wise’s FBTC Bitcoin ETF, ARK 21Shares’ ARKB ETF, and others mirrored the move.

Despite the modest influx, the price of Bitcoin continued its downward trajectory, reflecting prevailing market pressures. Moreover, the Bitcoin price plunged below the $62,000 mark today. Furthermore, significant selloff has been noted by long-term BTC investors, accelerating the price decline.

Earlier, on Tuesday, May 7, the U.S. Spot Bitcoin ETFs experienced net outflows totaling $15.7 million with Grayscale Bitcoin ETF GBTC leading the exodus with $28.6 million in net outflows. On the other hand, BlackRock’s IBIT remained steady with zero flows reported.

However, amidst the outflows, Fidelity Wise Bitcoin ETF managed to buck the trend, attracting an influx of $4.1 million. Meanwhile, Franklin Templeton’s EZBC emerged as the star performer, witnessing the highest inflows of $6 million. This indicates a a shift in investor sentiment toward their Bitcoin ETF product.

Also Read: Crypto Price Prediction 8/5: New Correction Fears Mount as $BTC Reverts From $65,000

What’s Next For Bitcoin Price?

The BTC price was down by 1.49% to $61,564.55 at the time of writing on Thursday, May 9. Whilst, the crypto boasted a massive market valuation of $1.21 trillion. Moreover, the Bitcoin trading volume fell by 3.54% to $24.55 billion in the last 24 hours.

Crypto analyst Michaël van de Poppe believes that the downward trend in Bitcoin price is going to test support around $60,000. If it manages to sustain above the crucial support level, the BTC price can brace for an “upward grind.” However, he also noted that the latest Bitcoin Halving event in April has led to “boredom” in the market, causing the recent dips.

Also Read: Giant Bitcoin Whales Accumulate $941M BTC As Fed Official Says Rates Cuts to Delay