Bitcoin buyers began the week on a optimistic be aware as US Bitcoin ETFs recorded web outflows of $217 million on Monday, May 6. This coincided with all three main Wall Street indices closing in optimistic territory, fueled by rising expectations of imminent Fed price cuts.
Fidelity Leads the Bitcoin ETF Inflows
On May 6, Bitcoin spot ETFs witnessed substantial web inflows totaling $217 million, underscoring rising investor curiosity in cryptocurrency exchange-traded merchandise. Among the notable contributors to this inflow, Grayscale ETF GBTC recorded a single-day web influx of $3.937 million, for the second consecutive day.
However, the inflows into the Grayscale Bitcoin ETF GBTC have dropped considerably from $64 million, as witnessed final Friday, May 3. Speaking on the event, Amrita Nandakumar, president of Vident Investment Advisory mentioned:
“Now that the tide has turned from outflows to inflows, I think moving forward it’s gonna be harder to predict what direction the flows will go. I’ll be curious to see how closely that’s tied to the price to Bitcoin or how closely it’s tied to what other issuers of Bitcoin ETFs do to try to attract Grayscale investors.”
Fidelity ETF FBTC additionally noticed important exercise, with a single-day web influx of $99.1936 million. Additionally, Ark Invest and 21Shares ETF ARKB skilled a notable single-day web influx of $75.6412 million, additional highlighting the market’s urge for food for publicity to Bitcoin by means of ETFs. On the opposite hand, the Hong Kong Bitcoin ETFs now maintain over 3,400 Bitcoins after the primary 4 days of going stay for buying and selling.
Hong Kong 🇭🇰 Bitcoin ETFs maintain 4,388 #Bitcoin after 4 days👇 pic.twitter.com/uTuBt4FEVJ
— HODL15Capital 🇺🇸 (@HODL15Capital) May 6, 2024
The each day buying and selling quantity of these funds has witnessed a decline since its peak in March. In the final week, the overall buying and selling quantity amounted to roughly $11 billion, marking a notable lower in comparison with the primary week of March, which recorded over $32 billion in buying and selling quantity.
Wall Street Recovery
On Monday, May 6 the Dow Jones Industrial Average rose by 176.59 factors, or 0.46%, closing at 38,852.27. This marked the fourth consecutive session of features for the 30-stock index. Meanwhile, the S&P 500 ended at 5,180.74, up by 1.03%, and the Nasdaq Composite reached 16,349.25, with a achieve of 1.19%.
Stocks acquired a lift in early afternoon buying and selling following an announcement from Hamas on Monday. The group accepted an Egyptian-Qatari cease-fire proposal geared toward ending the battle with Israel.
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