Only Bitwise Bitcoin ETF recorded net inflows for the trading day ending May 8, 2024. According to data from SoSo Value, the ETF had a net inflow of about $12 million into its portfolio.
Notably, Grayscale’s Bitcoin Trust defied its trend of consistent outflows since the introduction of spot Bitcoin ETFs in the U.S. in January 2024.
The relative inactivity of the U.S. spot Bitcoin ETF market follows a day of net outflows on May 7. Inflows of $4.1 Million, $2.8 million, and $6 million from Fidelity’s (FBTC), Ark 21Shares (ARKB), and Invesco Galaxy (BTCO) offset Grayscale’s (GBTC) $28.6 million outflows, resulting in a total net outflow of $15.7 million recorded for the trading day, according to data from Farside Investors.
Meanwhile, Bitcoin is facing the potential for a test of range lows as its price is hovering around $61,000. The cryptocurrency is currently trading at $61,069.35, a 2.08% decrease in the past 24 hours.
Following a rebound above $65,500 days earlier, Bitcoin’s close price yesterday, May 8, 2024, of $61,239 might have increased the risk of losing its recent gains.
However, many crypto traders have given mixed reactions about the cryptocurrency’s recent market movements.
Michaël van de Poppe, founder and CEO of trading firm MNTrading, expressed frustration at the lack of overall direction since BiBitcoin’slock reward halved in mid-April. He suggested that Bitcoin might test support before resuming an upward trend. In his words:
“After that, it seems likely we’ll continue the upwards grind. Boredom has started since the Bitcoin halving took place.”
Bearish setups failing = bullish; that’s what bitcoin is offering.
▶ Targeting range highs at $73,000
▶ Any daily close below $62,100 or prolonged inactivity counts as a stop-loss pic.twitter.com/5FsiVTPltz— Maartunn (@JA_Maartun) May 7, 2024
In contrast, another trader, Moustache, expressed optimism, suggesting that the current market movements could lead to a more sustained upward trend, similar to previous post-halving patterns.
“The last dips before $BTC starts the next leg imo,” they wrote in a recent social media post. “It’s never been any different if you look at history. We’re in 2017 or 2020.”
Disclaimer: This piece is intended solely for informational purposes and should not be considered trading or investment advice. Nothing herein should be construed as financial, legal, or tax advice. Trading or investing in cryptocurrencies carries a considerable risk of financial loss. Always conduct due diligence.
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