US Spot Bitcoin ETFs Experience Inflow Surge
On May 6th, US spot Bitcoin ETFs witnessed a significant net inflow of $217 million, as reported by SoSoValue. This surge follows a period of substantial outflows, with Grayscale’s GBTC trust showing a historical net outflow of $17.4 billion since its inception.
GBTC Sees Inflows on Second Consecutive Day
Grayscale’s GBTC recorded a modest single-day inflow of $3.9 million, marking its second consecutive positive day. This positive trend comes after a $63 million inflow on Friday, following the approval of 10 new ETFs by the US SEC in January 2024. The GBTC share price also experienced an uptick in response to these inflows.
Fidelity’s FBTC ETF led the way with a substantial $99.2 million single-day inflow, bringing its total historical net inflow to $8.1 billion. Ark Invest and 21Shares’ ARKB ETF also garnered significant interest, attracting $75.6 million in a single day and pushing their total net inflow to $2.2 billion.
These ETFs, with a combined net asset value of $52.2 billion, now represent 4.19% of the total Bitcoin market value. The total historical net inflow for all spot Bitcoin ETFs amounts to $11.8 billion, indicating a notable shift in investor sentiment.
Bitcoin 200-Day Moving Average Hits All-Time High
Bitcoin’s 200-day moving average achieved a new all-time high of $50,178 on Monday. This key technical indicator signals a long-term bullish trend for the leading cryptocurrency globally.
Following a temporary dip post the Bitcoin network’s block reward halving on April 20th, where the price briefly dropped to nearly $57,000, the recent surge in the 200-day moving average suggests potential sustained growth.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
