Bitcoin (BTC) hit the $63,000 mark on the Binance exchange on Friday amid renewed inflows into U.S. spot bitcoin funds (ETFs). Specifically, the Grayscale Bitcoin Trust ETF (GBTC) spot bitcoin fund raised US$63 million on Friday, ending an 80-day outflow of funds, according to Coinglass data.
At the time of writing, #CryptoWatchMay2024 is up 6.5% over the past 24 hours and is trading at around $62,900, according to CoinGecko data. On Wednesday, the major cryptocurrency BTC fell below the $57,000 mark ahead of the US Federal Reserve's interest rate decision and continued to correct after the FOMC meeting. However, it started to recover this morning and broke through the key $61,000 level.
The GBTC fund is the largest spot #bitcoin #ETF with more than $18.7 billion in assets under management. The fund held about 620,000 BTC before converting from a bitcoin trust to an ETF earlier this year.
GBTC has been under pressure from investors to withdraw funds, especially since a rival bitcoin ETF fund was approved in January; as of April 18, GBTC's holdings had been cut in half.
Bloomberg ETF analyst Eric Bartunas expressed surprise that GBTC has reversed its protracted outflow trend, commenting: "We're back. "
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