US Bitcoin ETFs recorded net outflows of $34.4 million on May 2, a significant decrease from the previous day’s record of $563.7 million. Interestingly, BlackRock and Fidelity’s Bitcoin ETFs, which rank second and third by total net assets, saw net outflows of zero on Thursday.
Bitcoin exchange-traded fund (ETF) in the United States confrontation There was a small net outflow of $34.4 million on Thursday, May 2, 2024. This outflow is significantly lower than the record $563.7 million outflow observed the previous day.
The economic slowdown offers some hope, but it is important to maintain perspective. Grayscale’s GBTC, the oldest Bitcoin fund, recorded an outflow of $55 million on Thursday. This shows that the withdrawal trend of GBTC, which has been a concern for investors, is continuing.
Ark Invest’s ARKB experienced the highest net inflows on Thursday, attracting a significant $13 million. Minor inflows were also recorded by spot Bitcoin ETFs from Franklin Templeton, Valkyrie, Invesco and Galaxy Digital, raising a total of $6 million. This trend suggests that some investors still see Bitcoin as a viable investment opportunity.
Interestingly, BlackRock and Fidelity’s Bitcoin ETFs, which rank second and third by total net assets, had zero net outflows on Thursday. Bloomberg analyst James Seyffart notes that this phenomenon is common in the ETF environment.
Photo: SpotOnChain
Bitcoin ETF Appeal in Hong Kong
An interesting fact was discovered in the Hong Kong ETF market. Official reports show that assets under management (AUM) have increased to the equivalent of $248 million. This may be partly driven by a unique feature offered by some Hong Kong ETFs: the ability to contribute directly to Bitcoin itself rather than relying solely on market purchases.
Contributing to the favorable outlook is the Bitcoin price rebound. After falling to $56,500, the leading cryptocurrency rebounded to $59,000, indicating fundamental market support. This price surge reflects investors’ continued confidence in Bitcoin’s long-term potential despite short-term fluctuations.
The broader cryptocurrency market has shown resilience, with Ethereum exceeding $3,000 and other alternative coins making notable gains. This upward movement highlights the growing mainstream adoption and belief in the future of the cryptocurrency landscape.
BNP Paribas invests in BlackRock
The news that European banking giant BNP Paribas is investing in BlackRock’s Bitcoin ETF, IBIT, further strengthened investor confidence. The bank’s initial investment was only $41,684, but this signals growing institutional interest and increased positive exposure to the cryptocurrency market as a whole.
The recent slowdown in Bitcoin ETF outflows offers a glimmer of hope, but the situation remains unclear. Bitcoin price momentum and regulatory developments are critical in determining the future trajectory of the cryptocurrency market.
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