BTC NEWS TODAY!!!!
On Tuesday, May 21, Bitcoin (BTC) fell by 0.80%, partially offsetting a 5.97% surge from the previous day, closing at $69,639. The US BTC-spot ETF market experienced total net inflows of $237.2 million on Monday, marking the sixth consecutive session of net inflows.
However, data from Tuesday indicated a decrease in demand due to uncertainty regarding a potential Fed rate hike in September. According to Farside Investors, the Grayscale Bitcoin Trust (GBTC) saw no net flows on Tuesday, ending its four-day streak of net inflows. The Fidelity Wise Origin Bitcoin Fund (FBTC) recorded net inflows of $25.8 million, a drop from $64.0 million on Monday. The Bitwise Bitcoin ETF (BITB) faced net outflows of $4.2 million, its first since May 1, while the VanEck Bitcoin Trust (HODL) experienced net outflows of $5.9 million, also a first since May 1. Excluding iShares Bitcoin Trust (IBIT), total net inflows for the US BTC-spot ETF market were only $15.7 million.
Since January 11, 2024, the US BTC-spot ETF market has seen total net inflows of $12,883.4 million. In May, the competition remains tight, with IBIT and FBTC leading the market, having accumulated total net inflows of $15,700.7 million and $8,575.7 million, respectively, since their inception.
There is uncertainty about future flow trends for a potential US ETH-spot ETF market. Investors might be hesitating to buy BTC-spot ETFs, anticipating the launch of ETH-spot ETFs, or demand could be weakening due to uncertainties regarding the Fed's interest rate policy.
