US Bitcoin ETFs Gain entered large sums on Monday, May 13, after last week’s extensive outflows. On this day, the total amount of $66 million was distributed among eleven different Bitcoin exchange-traded funds in the US. According to Monday’s zero net flows for BlackRock’s IBIT and Grayscale’s GBTC. The Bitcoin exchange-traded funds (ETFs) got $38.6 million, distributing its most significant share to the Fidelity Bitcoin ETF (FBTC).
Still, the $20.3 million investments go to the Bitwise Bitcoin ETF (BITB), which remained in second place. Eleven Bitcoin exchange-traded funds (ETFs) saw a net outflow of $297 million in 30 days. Seventeen outflows were recorded. The US Bitcoin ETFs Gain markets have been swinging between extremes for a while now due to investors being scared by the prevalence of data this week.
Nevertheless, Bitcoin’s investment products had inflows of $144 million last week, ending a four-week losing streak. In a sense, this implies that Bitcoin once again becomes the target of institutional investors. In contrast, the six spot US Bitcoin ETFs Gain and Ether exchange-traded funds (ETFs) in Hong Kong experienced the most significant net outflows since they initiated their tradings in April due to the unpredictable market conditions.
Bitcoin Price Action Ahead
The report that cryptocurrency exchange Coinbase was experiencing significant downtime for four hours earlier today caused the price of Bitcoin to fall below $61,500. At the time of writing, Bitcoin’s market capitalization was $1.214 trillion, and the price was $61,668, a decrease of 1.58%. Over the last several weeks, the cost of Bitcoin has been fluctuating between $61,000 and $64,000.
If Bitcoin’s price falls below $60,000, a decline to $52,000 is possible. On the other hand, fresh all-time highs above $70,000 are possible if bulls push Bitcoin above $64,000. The importance of macroeconomic catalysts has grown recently because spot Bitcoin ETF purchases have slowed significantly and even gone negative on certain days. Reports on inflation in the United States will likely be the following possible triggers, whether good or bad.
On Tuesday at 8:30 a.m. ET, the Producer Price Index (PPI) will be released, and the Consumer Price Index (CPI) will be released one day later. The CPI is the most important of the two reports. Consistent with March’s gain, economists expect the CPI to have increased by 0.4% in April. Forecasts indicate that the annual rate of headline CPI will slow down to 3.4% from 3.5% in March. Meanwhile, experts predict a 0.3% increase for the core CPI in April, down from 0.4% in March, and a moderation in the annual rate to 3.6% from 3.8%. This measure does not include food and energy prices.
Fidelity’s FBTC Leads Bitcoin Inflow Surge
Farside Investors reported a substantial $66 million net inflow into the Bitcoin ETF market, marking a turnaround after two days of outflow. Notably, with $38.6 million, Fidelity’s FBTC takes the lead, followed by Bitwise’s BITB with $20.3 million.
At the same time, the recent surge shows that traders are more confident in Bitcoin ETFs.Additionally, it is timed to correspond with Bitcoin’s recent jump past the $63,000 barrier, indicating a resurgence in its performance. The fact that investor interest has just surged again suggests that people are eager to put their money into cryptocurrencies, especially given the current climate of extreme market volatility.
The net inflow of $66 million on May 13 represents a positive change following two days of negative flows, which is worth highlighting. Seven of ten US Bitcoin ETFs, including those from Grayscale and BlackRock, recorded zero flows. No ETF, however, saw outflows. The 10 Bitcoin exchange-traded funds (ETFs) lost $297 million in the past 30 trading days, with outflows happening on 17 days.
Crypto Market Performance
Since Fidelity’s FBTC received most of the inflows, the $66 million pouring into Bitcoin ETFs indicates. Investors are again strongly optimistic about the cryptocurrency market. In particular, the cryptocurrency industry seems set for additional development and stability in the coming days, with Bitcoin’s price regaining ground and analysts delivering hopeful predictions.
At the time of writing, the total trading volume in the cryptocurrency market increased by 50% to $71.79 billion, and the market value increased by 0.37% to $2.27 trillion. Concurrently, Bitcoin’s price increased by 0.33 percent in the past day, trading at $61,876.45. With the market’s continued volatility, the cost of Bitcoin has ranged from $61,400.88 to $63,422.66 in the past day.
Fidelity’s Bitcoin ETF Takes the Lead
Following a single day of net inflows of $39 million, Fidelity’s Wise Origin Bitcoin Fund became the most popular spot bitcoin ETF, according to statistics from SoSo Value. Bitwise Bitcoin ETF (BITB) and VanEck Bitcoin Trust ETF (HODL) were good performers, with $20 million and $7 million, respectively. In contrast, Grayscale’s Bitcoin Trust (GBTC) reported net outflows of about $18 billion. No other spot bitcoin ETF, including GBTC, had net activity yesterday, either up or down.
FAQs
Which ETF led in inflows and by how much?
Fidelity’s FBTC led with $38.6 million.
What is Bitcoin’s recent price range?
Bitcoin fluctuated between $61,000 and $64,000.
What may impact Bitcoin’s price soon?
U.S. inflation reports, especially the CPI.
How is the crypto market trending?
Trading volume increased by 50%, with a market cap rise of 0.37%.
