Recent data on Bitcoin ETF inflows show an increase in institutional interest in the cryptocurrency, which corresponds to positive sentiments in the market.
ETF Inflow Data
According to Farside Investors, Bitcoin ETF net inflows are estimated at $321.4 million on May 9. Specifically, prominent ETFs like IBIT and FBTC noted inflows of $356.2 million and $45 million respectively. Meanwhile, GBTC and BIBT reported outflows of $65.2 million and $14.6 million respectively. Other ETFs such as ARKB, BTCOM, EZBC, BRRR, and BTCW did not experience any inflows.
Impact of Inflows on the Market
The strong net influx indicates significant institutional interest in Bitcoin, supporting price growth and positive sentiment across the cryptocurrency market. Inflows into ETFs like IBIT and FBTC also suggest that funds are actively flowing into BTC influenced by favorable macroeconomic conditions. This is highlighted by the 0.5% gain in the S&P 500 on May 9.
Current Metrics and Predictions
In the past 24 hours, Bitcoin has shown an increase of 0.34%, currently trading at $103,484. Technical indicators suggest bullish momentum, with the relative strength index on the 4-hour chart for BTC/USD at 75. Furthermore, the 50-day and 200-day moving averages stand at $61,800 and $58,500 respectively. Reports from Glassnode also indicate a 12% surge in Bitcoin wallet addresses holding more than 1 BTC between May 8 and May 10, signaling purchases by major players.
The increase in inflows to Bitcoin ETFs reflects active participation from institutional investors in the cryptocurrency market, forming positive sentiment and promoting further price growth for Bitcoin.
