The recent 6.47% surge in Bitcoin's value is attributed to favorable macroeconomic indicators, showcasing growing investor confidence in the cryptocurrency. Factors such as the rise in the U.S. M2 money supply for the first time since November 2022 and doubts surrounding the tech sector's growth outlook have led investors to shift towards alternative assets like Bitcoin.

Bitcoin's Growth Amid Positive Economic Data

In the past 24 hours, Bitcoin has experienced a notable price hike despite challenges maintaining levels above $63,000. Favorable macroeconomic data, including steady jobless claims and potential interest rate cuts by the Federal Reserve, have boosted market sentiment. The jobless claims staying consistent at 208,000 and a 4.2% increase in the Employment Cost Index for the first quarter indicate a resilient labor market and reinforce investor optimism.

Increasing Confidence in Bitcoin Due to Money Supply Trends

The recent uptick in the U.S. M2 money supply has historically been linked to strong performances in the cryptocurrency market. Marking its first rise since November 2022, this trend suggests potential for Bitcoin's continued growth, especially with shifts in investment portfolios and net inflows into U.S. spot Bitcoin ETFs exceeding $11.2 billion.

Grayscale GBTC Outflows Despite Bitcoin's Positive Trajectory

While Bitcoin has been on an upward trend, Grayscale GBTC experienced net outflows on May 2, diverging from the overall positive market movement. This occurred alongside withdrawals from similar funds managed by major firms like BlackRock and Fidelity, revealing a mixed investor sentiment in the market.

Growing Interest in Bitcoin Amid Tech Sector Uncertainty

Uncertainty surrounding the tech sector's growth sustainability, illustrated by Apple's stock buyback program without clear expansion plans, has prompted investors to seek high-growth alternatives like Bitcoin. The increasing interest in Bitcoin as a viable asset class highlights its potential as a favorable investment option alongside traditional assets.

Note: This article serves as informative content and does not provide legal, tax, investment, financial, or any other form of advice.