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30 May 2024
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Bitcoin ETF Sees $100M Influx Signaling Positive Road Ahead

The U.S. Spot Bitcoin ETF segment has started the week on a positive note, while the momentum seems to be continuing. Notably, over the first two days of the week, the U.S. Spot Bitcoin ETF has noted an influx of nearly $170 million, after noting three days of outflux last week. 

Meanwhile, the recent inflow data also reflects the growing confidence of the investors towards the crypto ETFs. In addition, the latest inflow data have also seemed to have helped the Bitcoin price to stay near the bay.

U.S. Bitcoin ETF Records $100M Inflow

The approval of the U.S. Spot Bitcoin ETF has been one of the major events this year in the digital asset space. It’s worth noting that the anticipation of the approval of the investment instrument has also contributed to the gains noted since last year.

Simultaneously, the immense success of the Bitcoin ETFs in the U.S. has also helped Bitcoin to reach its all-time high of $73,000 in mid-March. However, over the past few weeks, the overall data showed that the Grayscale’s outflux has weighed on the sentiments. In addition, the concerns over declining institutional interest have also dampened the sentiments.

However, according to the latest data from Farside Investors, the Bitcoin ETFs recorded an inflow of $100.5 million on May 14. Notably, ARKB has topped the list with an inflow of $133.1 million, offsetting Grayscale’s outflow of $50.9 million.

On the other hand, BlackRock’s IBIT has continued to witness muted trading for the first two days of the week.

Also Read: Fresh Wallet Scoops Up 29K Coins From Coinbase, What’s Next?

BTC Price Amid Ongoing Concerns

The latest U.S. Spot Bitcoin ETF inflow data has also sparked discussions, as it signals that the confidence of the market participants remains intact despite the recent inflation data. Meanwhile, the U.S. PPI data from May 14 showed that the inflation has spiked more than the market expectations, further dampening hopes of a possible rate cut by the Federal Reserve.

However, as of writing, the Bitcoin price traded near the flatline at $61,922.36, while its trading volume fell 15% to $24.65 million. Over the last 24 hours, the crypto has touched a high of $62,228.86. 

Despite the recent muted trading data of BTC and the positive data from the Bitcoin ETF, the BTC Futures Open Interest (OI) was down 1.20% to 478.38K BTC or $29.62 billion, CoinGlass data showed.

Also Read: Crypto Hedge Fund BlockTower Capital Faces Major Hack

The post Bitcoin ETF Sees $100M Influx Signaling Positive Road Ahead appeared first on CoinGape.

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