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- The U.S. Spot Bitcoin ETFs recorded a rebound in flows with an inflow of $11.5 million on Wednesday, however, Bitwise was the only contributor to this recovery as others recorded “zero” flows.
- Despite the inflow, the price of Bitcoin continued its downward trajectory, reflecting prevailing market pressures.
- The Bitcoin price plunged below the $62,000 mark today, with significant selloff noted by long-term BTC investors.
Bitwise’s BITB ETF emerges as the sole contributor to the recent positive flow in Spot Bitcoin ETFs, despite the overall downward trend in Bitcoin price.
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.
Bitcoin Price Continues Downward Trend
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.
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.
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Conclusion
With Bitwise’s BITB ETF being the only contributor to the recent inflow in Spot Bitcoin ETFs, it remains to be seen how the market will react in the coming days. Despite the inflow, the price of Bitcoin continues its downward trend, which could potentially test the support around $60,000. Investors and market watchers should keep a close eye on these developments.
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