The U.S. Spot Bitcoin ETF outflows narrowed to $34.4 million on Thursday, May 2. This marks a significant reversal from Wednesday’s gigantic outflow of over $563 million. Moreover, the recent rebound came amid a broader market recovery as the Bitcoin (BTC) price inched closer to $60,000, rebounding from the recent correction. Bitcoin ETF Outflows Slow
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The U.S. Spot Bitcoin ETF outflows narrowed to $34.4 million on Thursday, May 2. This marks a significant reversal from Wednesday’s gigantic outflow of over $563 million. Moreover, the recent rebound came amid a broader market recovery as the Bitcoin (BTC) price inched closer to $60,000, rebounding from the recent correction.
Bitcoin ETF Outflows Slow Down
According to data by Farside UK, the Grayscale Bitcoin Trust (GBTC) again led the outflows with $54.9 million drained out. Hence, the GBTC outflows have totalled to 327,000 BTC since inception. Despite the broader negative flow, notable inflows were observed into the Ark 21Shares Bitcoin ETF (ARKB).
ARK bought the dip in Bitcoin price with $13.3 million inflows, suggesting continued interest from institutional players. Meanwhile BlackRock’s IBIT Bitcoin ETF recorded zero flows again with Fidelity’s FBTC mirroring the move.
However, Valkyrie’s BRRR ETF recorded a net inflow of $2.3 million. Whilst, Franklin Templeton’s EZBC Bitcoin ETF tailed ARKB with $3.4 million influx on Thursday. In addition, Invesco Galaxy’s BTCO ETF recorded an inflow of $1.5 million.
Hong Kong ETF Inflow & Market Recovery
Moreover, the market also witnessed resilience as Bitcoin’s price rebounded from $56,500 to $60,000, indicating underlying support despite outflow concerns. This price recovery reflects ongoing investor confidence in Bitcoin’s long-term prospects despite short-term fluctuations. Furthermore, Ethereum (ETH) topped $3,000 and the other altcoins followed with notable gains.
In contrast to the outflow trend in traditional ETFs, the Hong Kong ETF market presented a different narrative. Official inflow numbers for Hong Kong ETFs revealed a significant $248 million under management. Notably, these ETFs allow in-kind contributions, enabling direct deposits of Bitcoin instead of solely relying on market purchases. This unique feature offers flexibility to investors and potentially contributes to the growing popularity of crypto ETFs.
Additionally, news of Europe’s BNP Paribas investing in the Blackrock Bitcoin ETF boosted investor confidence. Though the bank invested a modest amount of $41,684 in IBIT, it signals growing institutional interest and positive exposure for the crypto market.
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