Bitcoin Spot ETFs Collect $11.29M Net Inflows On Thursday
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Bitcoin spot exchange-traded funds (ETFs) saw net outflows of $11.29 million on May 9.
What Happened: The Grayscale Bitcoin Trust GBTC registered a substantial net outflow of $43.3522 million, while the BlackRock Bitcoin Trust IBIT experienced a net inflow of $14.1946 million. Other ETFs also saw modest inflows: Fidelity FBTC : $3 million Ark ARKB : $4 million Bitwise BITB : $7 million Invesco BTCO : $2 million
Analysts from QCP Capital indicated that the market is adjusting to the anticipations of two Federal Reserve rate cuts later this year, with the first cut expected no earlier than September.
Also Read: Donald Trump Says You Better Vote For Him If Youre Pro-Crypto: But Has He Always Been Fine With It?
Why It Matters: Despite the outflows, there isn't a sense of bearish panic among traders.
Instead, the market is adapting to a scenario of lower volatility, with a structurally positive outlook on Bitcoin towards the year-end.
Additionally, the U.S. Dollar has been on the rise, driven by expectations that other central banks may delay their rate cuts until after the Federal Reserve acts.
This cautious yet optimistic market sentiment aligns with the themes poised to be discussed at the upcoming Benzinga Future of Digital Assetsevent on Nov. 19.
The conference aims to delve into the dynamics of cryptocurrency investments and the broader economic factors influencing these digital assets.
Read Next: House Challenges SEC Over Crypto Custody Rules, Biden Vows Blockade
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