Bitcoin Price Prediction as ETF Outflows Slow Down – Is the Market Forming a Bottom?
Bitcoin’s subtle rally to $61,425 signals a potentially stabilizing market. As Bitcoin ETFs like Grayscale and Bitwise see renewed inflows, totaling $11.54 million recently, optimism grows.
Recent developments, such as the influx of institutional funds and economic cues affecting digital assets, are what fuel Bitcoin price predictions.
The cryptocurrency market continues to evolve, with Bitcoin spot Exchange Traded Funds (ETFs) experiencing a significant uptick in investor activity. On May 8, these ETFs collectively saw an influx of $11.54 million, pointing to a renewed vigour in capital flows and investor interest within this sector.
On May 8, #Bitcoin spot ETFs saw a total net inflow of $11.54 million.
Grayscale's ETF $GBTC had no inflows or outflows, while Bitwise's ETF $BITB experienced a single-day net inflow of $11.54 million.
The total net asset value of $BTC spot ETFs stands at $51.50 billion. pic.twitter.com/JNWLFtMyPQ
— Kyledoops (@kyledoops) May 9, 2024
Bitwise’s Bitcoin ETF gained $11.54 million in net inflows, indicating its growing appeal and investor trust. Grayscale’s Bitcoin Investment Trust reported a neutral flow, indicating a stable holding pattern among its investors.
The overall net asset value (NAV) of Bitcoin spot ETFs now stands impressively at $51.50 billion. This substantial figure not only highlights the robustness of the market but also underscores the increasing trust and adoption of digital assets among both institutional and retail investors.
Today, Bitcoin (BTC/USD) exhibited a modest uptick, gaining around 0.50% to trade at $61,425 on the 4-hour chart. Technical outlook signals a bullish bitcoin price prediction as the pivot point stands at $61,000. Above this level, Bitcoin faces
Read more on cryptonews.com
