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- Bitcoin rebounds to $59,300 as outflows from spot bitcoin exchange-traded funds (ETFs) in the US slow down.
- Spot bitcoin ETFs saw a net outflow of $34.4 million on May 2nd, a significant decrease from the previous day’s record outflows.
- Grayscale’s GBTC was the only ETF to see a net outflow on Thursday, totaling $55 million.
Bitcoin shows signs of recovery as outflows from spot bitcoin ETFs slow down, pushing its price above $59,300.
Slower Outflows from Bitcoin ETFs
BlackRock’s IBIT and Fidelity’s FBTC, the second and third-largest BTC funds by total net assets, had no new flows on Thursday. A similar trend was seen across Bitwise’s BITB, VanEck’s HODL, and WisdomTree’s BTCW which recorded no flow. However, it’s worth noting that having days of zero inflows is completely normal and shouldn’t be misinterpreted as a failure of the products themselves.
Grayscale’s GBTC Sees Net Outflow
Grayscale’s GBTC, which has been notoriously experiencing outflows, was the only ETF to see a net outflow on Thursday, totaling $55 million. This comes a day after the market saw a record level of outflows for these investment vehicles, registering the largest ever at over $563 million.
Bitcoin’s Market Recovery
The market appears to be recovering as bitcoin attracted a modest 3% gain over the past day that pushed its price above $59,300. This recovery comes after FOMC’s dovish stance where Chairman Jerome Powell stated that the Fed is not considering rate hikes and announced a reduction in Quantitative Tightening (QT) from $60 billion monthly to $25 billion during the FOMC meeting.
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Conclusion
The slowdown in outflows from bitcoin ETFs and the recovery of bitcoin’s market price indicate a positive outlook for the cryptocurrency. As the market continues to adjust, investors will be keenly watching the performance of bitcoin and other cryptocurrencies.
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