The week begins on a strong note for Bitcoin investors as US Bitcoin ETFs registered net outflows of $217 million on Monday, May 6. This happened as all the top three Wall Street indices ended up in the green amid the rising expectations of Fed rate cuts very soon.

Fidelity Leads the Bitcoin ETF Inflows

On May 6, Bitcoin spot ETFs witnessed substantial net inflows totaling $217 million, underscoring growing investor interest in cryptocurrency exchange-traded products. Among the notable contributors to this influx, Grayscale ETF GBTC recorded a single-day net inflow of $3.937 million, for the second consecutive day.

However, the inflows into the Grayscale Bitcoin ETF GBTC have dropped significantly from $64 million, as witnessed last Friday, May 3. Speaking on the development, Amrita Nandakumar, president of Vident Investment Advisory said:

“Now that the tide has turned from outflows to inflows, I think moving forward it’s gonna be harder to predict what direction the flows will go. I’ll be curious to see how closely that’s tied to the price to Bitcoin or how closely it’s tied to what other issuers of Bitcoin ETFs do to try to attract Grayscale investors.”

Fidelity ETF FBTC also saw significant activity, with a single-day net inflow of $99.1936 million. Additionally, Ark Invest and 21Shares ETF ARKB experienced a notable single-day net inflow of $75.6412 million, further highlighting the market’s appetite for exposure to Bitcoin through ETFs. On the other hand, the Hong Kong Bitcoin ETFs now hold over 3,400 Bitcoins after the first four days of going live for trading.

Hong Kong Bitcoin ETFs hold 4,388 #Bitcoin after 4 days pic.twitter.com/uTuBt4FEVJ

— HODL15Capital (@HODL15Capital) May 6, 2024

The daily trading volume of these funds has witnessed a decline since its peak in March. In the last week, the total trading volume amounted to approximately $11 billion, marking a notable decrease compared to the first week of March, which recorded over $32 billion in trading volume.

Wall Street Recovery

On Monday, May 6 the Dow Jones Industrial Average rose by 176.59 points, or 0.46%, closing at 38,852.27. This marked the fourth consecutive session of gains for the 30-stock index. Meanwhile, the S&P 500 ended at 5,180.74, up by 1.03%, and the Nasdaq Composite reached 16,349.25, with a gain of 1.19%.

Stocks received a boost in early afternoon trading following an announcement from Hamas on Monday. The group accepted an Egyptian-Qatari cease-fire proposal aimed at ending the war with Israel

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Filed under: News - @ January 1, 1970 12:00 am