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Bitcoin ETF Weekend Rush? $49 Million Net Inflow Recorded
The cryptocurrency market has been experiencing a sideways move for the last few days, especially the world’s biggest cryptocurrency, Bitcoin. However, on May 30, 2024, the overall spot Bitcoin ETF market saw a net inflow of $49 million, according to data shared by the on-chain analytic firm SpotOnChain.
Traditional investors in action, Bitcoin ETF see $49 million inflow
It looks like traditional investors and traders are continuously making significant bets on ETFs, resulting in consistent massive inflows on a daily basis. According to SpotOnChain, this significant inflow for 13 consecutive trading days is the longest streak since February 20, 2024.
When looking at the inflow into top ETF issuers, the asset management giant BlackRock’s iShare Bitcoin Trust (IBIT) saw a minimal inflow of $1.6 million, whereas Fidelity’s Wise Origin Bitcoin Fund (FBTC) saw a massive inflow of $119.1 million. Meanwhile, asset manager Grayscale’s GBTC saw zero inflow for the second consecutive day.
Despite the positive inflows into these ETF issuers, asset manager ARK 21Shares Bitcoin ETF experienced a significant $99.9 million outflow, the largest since its inception. Additionally, the other four Bitcoin ETF issuers—HODL, BRRR, EZBC, and BTCW—also saw zero flow.
The net inflow into spot Bitcoin ETFs for 13 consecutive trading days signals a bullish trend, but the anticipation of a FED rate cut might be causing the market to remain sideways. According to expert technical analysis, Bitcoin is at an important support level, and if this support breaches, the market will experience a significant fall in the price of Bitcoin. Bitcoin has been consolidating in this area for the last nine days. Despite some offloading, crypto investors are consistently accumulating BTC at this level. If Bitcoin’s daily candle closes above the $71,500 level, then BTC will significantly surge and break its all-time high.
Bitcoin technical analysis and key level
Currently, Bitcoin is trading near the $68,300 level and has experienced a 0.5% positive upside momentum in the last 24 hours. Over a longer period, Bitcoin has remained stable following the anticipation of the FED rate cut, experiencing only a 2% upside move in the last seven days. In the last 30 days, Bitcoin has seen an 8% upside momentum.
Besides Bitcoin, other top cryptocurrencies like Ethereum, Binance Coin, Solana, XRP, and Dogecoin are also struggling to gain momentum. In the last 24 hours, these tokens—ETH, BNB, SOL, XRP, and DOGE—saw downside movements of 0.2%, 0.4%, 0.35%, 0.15%, and 0.65%, respectively.
Traditional investors in action, Bitcoin ETF see $49 million inflow
It looks like traditional investors and traders are continuously making significant bets on ETFs, resulting in consistent massive inflows on a daily basis. According to SpotOnChain, this significant inflow for 13 consecutive trading days is the longest streak since February 20, 2024.
When looking at the inflow into top ETF issuers, the asset management giant BlackRock’s iShare Bitcoin Trust (IBIT) saw a minimal inflow of $1.6 million, whereas Fidelity’s Wise Origin Bitcoin Fund (FBTC) saw a massive inflow of $119.1 million. Meanwhile, asset manager Grayscale’s GBTC saw zero inflow for the second consecutive day.
Despite the positive inflows into these ETF issuers, asset manager ARK 21Shares Bitcoin ETF experienced a significant $99.9 million outflow, the largest since its inception. Additionally, the other four Bitcoin ETF issuers—HODL, BRRR, EZBC, and BTCW—also saw zero flow.
The net inflow into spot Bitcoin ETFs for 13 consecutive trading days signals a bullish trend, but the anticipation of a FED rate cut might be causing the market to remain sideways. According to expert technical analysis, Bitcoin is at an important support level, and if this support breaches, the market will experience a significant fall in the price of Bitcoin. Bitcoin has been consolidating in this area for the last nine days. Despite some offloading, crypto investors are consistently accumulating BTC at this level. If Bitcoin’s daily candle closes above the $71,500 level, then BTC will significantly surge and break its all-time high.
Bitcoin technical analysis and key level
Currently, Bitcoin is trading near the $68,300 level and has experienced a 0.5% positive upside momentum in the last 24 hours. Over a longer period, Bitcoin has remained stable following the anticipation of the FED rate cut, experiencing only a 2% upside move in the last seven days. In the last 30 days, Bitcoin has seen an 8% upside momentum.
Besides Bitcoin, other top cryptocurrencies like Ethereum, Binance Coin, Solana, XRP, and Dogecoin are also struggling to gain momentum. In the last 24 hours, these tokens—ETH, BNB, SOL, XRP, and DOGE—saw downside movements of 0.2%, 0.4%, 0.35%, 0.15%, and 0.65%, respectively.
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.
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