Following a sustained net outflow in spot Bitcoin ETFs in the United States, recent data from on-chain analytics firm SpotOnChain confirms a shift in market sentiment. According to a recent post on X (formerly Twitter), the Bitcoin ETF market experienced a substantial $217 million net inflow on May 6, 2024. With this influx, BTC ETFs recorded two consecutive significant inflows.
Net Inflow for 2nd consecutive day
Besides the Bitcoin ETF inflow data, SpotOnChain also shared details that no Bitcoin ETF providers have experienced a single outflow for two consecutive trading days. However, Grayscale’s ETF GBTC experienced another single-day inflow, although the volume has decreased.
Among all the ten Bitcoin ETF providers, Fidelity’s ETF (FBTC) sees the highest inflow of over $99.2 million, while ARK 21Shares Bitcoin ETF (ARKB) sees the second-highest inflows of over $75.6 million. Additionally, BlackRock’s IBIT comes in third position with a net inflow of over $21.5 million. WisdomTree’s BTCW experienced a net inflow of 0 amidst these significant inflows.
This significant inflow occurred as the overall cryptocurrency market attempted a bullish move. However, examining the contributions of all Bitcoin ETF providers, out of ten, only eight experienced inflows, while two ETF providers experienced no inflows.
Following this massive inflow in the spot Bitcoin ETF, the overall cryptocurrency market is experiencing a slight downside momentum. Additionally, top cryptocurrencies like Bitcoin, Ethereum, Solana, and others seem to be struggling.
Bitcoin technical analysis and Key levels
However, this massive inflow for the last two consecutive days confirms that investors, traders, and retailers are currently bullish on Bitcoin, and this may impact Bitcoin’s price. According to expert technical analysis, Bitcoin is currently consolidating in a tight range near the $64,000 level, and this level is a strong resistance level. If Bitcoin on the 4-hour timeframe gives closing above the $64,000 level, then there is a high possibility that we may experience a massive upside momentum and it could hit the $67,000 level.
Currently, Bitcoin is trading near the $63,450 level, and in the last 24 hours, it experienced nearly a 1% downside momentum. Whereas, if we look at Bitcoin’s performance over a longer period, in the last 30 days, Bitcoin’s price experienced over a 9% downside momentum.
