Today, on May 10, 2024, the world’s biggest cryptocurrency, Bitcoin unexpectedly fell after being sideways for almost 16 hours. However, one thing that might attract more investors and traders is today’s flow of money into the spot Bitcoin ETF. According to an on-chain analytic firm, LookOnChain, on May 10, 2024, out of 10 spot Bitcoin ETF issuers, 9 ETFs added a massive 714 Bitcoin worth $43.76 million, meaning today BTC ETF sees $43 million of net inflow.
BlackRock and Grayscale Bitcoin ETF net flow
However, the majority of inflows come from the asset management giant BlackRock’s iShare Bitcoin Trust (IBIT). According to LookOnChain data, BlackRock’s IBIT sees a total net inflow of 228 BTC worth nearly $14 million, and with this massive inflow, BlackRock currently holds 274,550 Bitcoin in its holdings.
On the other hand, Grayscale (GBTC), another asset manager, decreased by 12 Bitcoin worth $733K, and with this outflow, GBTC currently holds a massive 291,790 Bitcoin worth $16.83 billion. Despite the massive outflow or decreases in Bitcoin holding, Grayscale is still at the top of the list in terms of Bitcoin holding.
This decent inflow in Bitcoin ETF may attract investors and traders, and it might be the fall that the market experienced will recover soon.
Bitcoin price performance analysis
At the time of writing, Bitcoin is currently trading near $60,450, and in the last 24 hours, it experienced a massive downside momentum of over 2.5%. However, the fall that Bitcoin experienced occurred in just 3 hours, and despite the fall, Bitcoin intraday made a high of $63,440. Looking at this price momentum in Bitcoin highlights the market volatility.
According to expert technical analysis, Bitcoin is looking bearish; additionally, it is trading below the 200 EMA (Exponential Moving Average). However, the major support for Bitcoin is there at the $59,800 level, and this is a crucial level for Bitcoin. If BTC breaches this level, then there is a high chance that the price will fall to the $57,000 level. Otherwise, if the market bounces back from the current level, then there is also a chance that the market will remain in a choppy zone.
