Bitwise Bitcoin ETF was the only one to gain net inflows on May 8, 2024, with approximately $12 million flowing into its portfolio, as per data from SoSo Value. Grayscale's Bitcoin Trust saw a break in its consistent outflows trend since the launch of U.S. spot Bitcoin ETFs earlier in 2024.

Analysis revealed that on May 7, there were net outflows totaling $15.7 million in the U.S. spot Bitcoin ETF market. Even though Fidelity's (FBTC), Ark 21Shares (ARKB), and Invesco Galaxy (BTCO) saw some inflows, Grayscale (GBTC) noted significant outflows of $28.6 million.

Bitcoin's price is currently hovering around $61,000, having dropped by 2.08% in the past 24 hours to trade at $61,069.35. Despite briefly rebounding above $65,500, Bitcoin's closing price on May 8 was $61,239.

Traders have provided mixed reactions to Bitcoin's recent market movements. One trader, Michaël van de Poppe, indicated frustration at the lack of clear direction since Bitcoin's block reward halved in mid-April. Conversely, another trader named Moustache expressed optimism, suggesting that current market movements might pave the way for a sustained upward trend, typical of post-halving patterns seen before.

It's important to note that this information is for informational purposes only and should not be taken as trading or investment advice. Trading or investing in cryptocurrencies carries significant financial risks. Always conduct thorough research.

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