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Home CRYPTO

Bitcoin ETFs Rebound: All Funds Record Positive Inflows in Market Turnaround

Michael Juanico by Michael Juanico
May 6, 2024
in CRYPTO
Reading Time: 3 mins read
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  • Every single Bitcoin ETF experienced inflows on Friday for the first time ever, with a total of $378 million entering the collective Bitcoin ETF market.
  • This marked a turnaround after weeks of outflows from the Bitcoin ETFs, with the products having their worst day on record earlier last week when they bled over $500 million.
  • The renewed inflows suggest a potential shift in investor sentiment towards holding Bitcoin ETF shares again after a period of selling.

The bitcoin exchange-traded funds (ETFs) market is seeing a remarkable turnaround after a rough couple of weeks. On Friday, for the first time ever, every single bitcoin ETF saw positive inflows, signaling renewed investor interest in these products.

ICYMI: All Spot #Bitcoin ETFs saw non-negative inflows last Friday for the first time ever pic.twitter.com/Ku05MxCamQ

— BlockNews.com (@blocknewsdotcom) May 6, 2024

GBTC Bounces Back

Grayscale’s Bitcoin Trust (GBTC) led the charge, growing by $63 million on Friday. This came after weeks of outflows from investors exiting GBTC for cheaper ETFs after shares became redeemable. The total inflows across all bitcoin ETFs reached $378 million, a stark contrast from last week’s record $563 million in outflows.

The Popularity and Decline of Bitcoin ETFs

The SEC approved several spot bitcoin ETFs in January after over a decade of applications. These funds quickly became massively popular as they allowed mainstream investors easy exposure to bitcoin prices. Billions flowed into the ETFs, likely driving up bitcoin’s price to an all-time high of $73,747 in March.

But that early hype slowed in April as the Federal Reserve signaled higher interest rates and geopolitical instability scared investors away from riskier assets. The ETF outflows have put downward pressure on bitcoin’s price, now below $50,000.

Signs of a Shift?

The across-the-board inflows on Friday provide some optimism that investor sentiment could be turning more positive. If interest in the ETFs rebounds, it could help stabilize and push up bitcoin’s price. But it remains to be seen whether Friday’s inflows represent a temporary blip or the start of a sustained trend.

Conclusion

After a rocky few weeks, bitcoin ETFs saw a unanimous day of inflows on Friday for the first time. This could signal a shift in sentiment after heavy outflows weighed down the market. But the long-term impacts remain uncertain. The funds’ continued popularity will likely influence bitcoin’s price trajectory in the weeks and months ahead.

Disclaimer: BlockNews provides independent reporting on crypto, blockchain, and digital finance. All content is for informational purposes only and does not constitute financial advice. Readers should do their own research before making investment decisions. Some articles may use AI tools to assist in drafting, but every piece is reviewed and edited by our editorial team of experienced crypto writers and analysts before publication.
Tags: Bitcoinbitcoin etfsetfsGrayscale's Bitcoin Trustsec
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Michael Juanico

Michael Juanico

Michael is a BSBA Management graduate from Mindanao State University and has been a professional content writer since 2019. He began exploring cryptocurrency in 2021 and has since made blockchain and digital assets his primary focus. For nearly four years, Michael has contributed research and editorial content at Aiur Labs and BlockNews, producing clear and accessible coverage of market trends, trading strategies, and project developments. He is transparent about his personal holdings in Bitcoin, TRON, and select meme tokens, combining writing expertise with hands-on market experience to deliver trustworthy insights to readers.

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