As an experienced crypto market analyst, I’ve witnessed numerous trends and price movements throughout my career. Based on the data provided, it appears that Wednesday saw a notable influx of $11.5 million into Spot Bitcoin ETFs, primarily driven by Bitwise’s BITB ETF. This is a positive sign for the crypto market and could potentially lead to further growth if the price of Bitcoin stabilizes.
On Wednesday, the crypto market experienced a quiet yet optimistic day, with approximately $11.5 million moving into Spot Bitcoin ETFs. The Bitwise ETF (BITB) was the sole instigator of this increase, while other significant players reported no activity. This inflow is noteworthy given the outflows seen on Tuesday.
Spot Bitcoin ETF Inflows Hit $11.5 Million
Based on Farside UK’s figures, Bitwise’s BITB Exchange-Traded Fund (ETF) received approximately $11.5 million in investments on May 8, 2023. Contrarily, Blackrock’s iShares Bitcoin Trust (IBIT) and Grayscale’s GBTC ETF did not record any inflows during the same period. Similarly, Fidelity Wise’s FBTC Bitcoin ETF, ARK 21Shares’ ARKB ETF, and others followed suit in this trend.
Despite the relatively small increase in supply, the cost of Bitcoin persisted in its descent, mirroring the dominant market forces at play. Notably, the value of Bitcoin dropped below $62,000 today. Additionally, substantial selling from long-term investors has intensified, exacerbating the price decrease.
Previously, on May 7, 2023, US Spot Bitcoin ETFs recorded a total net withdrawal of $15.7 million. Among them, Grayscale Bitcoin ETF (GBTC) accounted for significant outflows to the tune of $28.6 million. Conversely, BlackRock’s IBIT reported no flows during this period.
As an analyst, I’ve observed some interesting trends in Bitcoin ETF investments lately. Despite the overall outflows, Fidelity Wise Bitcoin Trust defied the trend and drew in approximately $4.1 million. On the other hand, Franklin Templeton’s EZBC shone as a top performer with impressive inflows amounting to $6 million. These figures suggest a significant change in investor sentiment toward these specific Bitcoin ETF products.
What’s Next For Bitcoin Price?
At the time of writing on May 9, Thursday, the price of Bitcoin (BTC) had dropped by 1.49%, landing at $61,564.55. Simultaneously, the cryptocurrency market showcased a substantial valuation of approximately $1.21 trillion. Additionally, the Bitcoin trading volume experienced a decrease of around 3.54% in the previous 24 hours, amounting to $24.55 billion.
According to cryptocurrency analyst Michaël van de Poppe, the current slide in Bitcoin’s price is expected to challenge the $60,000 support mark. Should it hold above this significant level, Bitcoin’s price may prepare for a robust uptrend. However, van de Poppe pointed out that the most recent Bitcoin Halving in April has resulted in a sense of apathy within the market, potentially leading to these recent price dips.
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2024-05-09 10:08