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Bitcoin ETF Inflows Surge Amid Wall Street on Fed Rate Cuts

Bitcoin ETF Inflows Surge Amid Wall Street on Fed Rate Cuts

Investors in Bitcoin witnessed a challenging start as US ETFs experienced net outflows of $217 million on Monday. This trend arose amidst mounting anticipation of rate cuts by the Fed. Meanwhile, all three major Wall Street indices closed the day with gains.

Fidelity leads inflows into Bitcoin ETFs. 

Significant net inflows of $217 million were observed in Bitcoin spot ETFs on May 6, indicating investors’ increasing interest in cryptocurrency exchange-traded products. One of the major drivers of this inflow was Grayscale ETF GBTC, which, for the second day in a row, had a single-day net inflow of $3.937 million. 

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However, as of last Friday, May 3, inflows into the Grayscale Bitcoin ETF (GBTC) had decreased dramatically from $64 million. Amrita Nandakumar, president of Vident Investment Advisory, discussed the development in her speech.

“Now that the tide has turned from outflows to inflows, I think moving forward it’s gonna be harder to predict what direction the flows will go. I’ll be curious to see how closely that’s tied to the price to Bitcoin or how closely it’s tied to what other issuers of Bitcoin ETFs do to try to attract Grayscale investors.”

In a single day, Fidelity ETF FBTC experienced a substantial $99.1936 million net inflow, indicating strong investor interest. Ark Invest and 21Shares ETF ARKB also saw a noteworthy $75.6412 million single-day net inflow, showcasing the market’s appetite for Bitcoin exposure through ETFs. Following the first four days of trading, Hong Kong Bitcoin ETFs now hold nearly 3,400 Bitcoins, demonstrating initial market engagement.

Since March, when it peaked, these funds’ daily trading volume has decreased. Compared to the first week of March, when trading volume reached over $32 billion, the overall trading volume in the most recent week was roughly $11 billion, indicating a significant decline. 

Wall Street Comeback 

The Dow Jones Industrial Average closed at 38,852.27 on Monday, May 6, having increased by 176.59 points, or 0.46%. The 30-stock index saw advances for the fourth session in a row. In the meantime, the Nasdaq Composite finished at 16,349.25, up 1.19%, and the S&P 500 concluded at 5,180.74, up 1.03%. 

Early afternoon trading saw a spike in stocks in response to a Monday declaration from Hamas. The group agreed to a cease-fire proposal from Egypt and Qatar to put an end to the conflict with Israel.

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