On May 10, 2024, Bitcoin faced an unexpected drop after staying stable for approximately 16 hours. However, today's significant net inflow into spot Bitcoin ETFs, particularly by BlackRock's iShare Bitcoin Trust (IBIT), is drawing attention from investors and traders. According to LookOnChain data, BlackRock's IBIT witnessed an inflow of 228 BTC valued at almost $14 million, leading to a total holding of 274,550 Bitcoin for BlackRock. On the contrary, Grayscale's Bitcoin Trust (GBTC) witnessed an outflow of 12 Bitcoin worth $733K, holding a total of 291,790 Bitcoin worth $16.83 billion.

Despite these fluctuations, the market may see recovery soon due to the influx of funds into Bitcoin ETF. Currently trading around $60,450, Bitcoin recently experienced a drop of over 2.5% within 3 hours, reaching a high of $63,440. The price analysis indicates a bearish trend as Bitcoin is trading below the 200 EMA with a crucial support level at $59,800. A breach of this level could lead to a further decline to $57,000, while a bounce-back may keep the market volatile.