Bitcoin Spot ETF Net Inflow Plunges to -$84.7M on May 10, 2024

On May 10, 2024, the Bitcoin Spot ETF Net Inflow collapsed to some -$84.7 million. This negative value, recorded for the second day in a row, led to a decrease. At the same time, the sum up to 84 trading days now amounts to $11.68 billion only. With these outflows, BTC price also plunged falling from $63k+ to below $61k. Therefore, the crypto-market is proving its volatility once again. One day earlier, the inflow was positive but not huge enough to drag the BTC price up (43.6 million).

$BTC #ETF Net Inflow May 10, 2024: -$87.4M!

• The net inflow remains negative for 2 consecutive trading days.

• #Grayscale ETF $GBTC accelerated the single-day outflow to $103M (2.37x the previous day). This is Grayscale's largest outflow in the past trading week.

•… pic.twitter.com/tQWerLcMk2

— Spot On Chain (@spotonchain) May 11, 2024

Grayscale Bitcoin Trust (GBTC) Records Largest Outflow of $103M

A notable contributor to this decline is the Grayscale Bitcoin Trust (GBTC). It has witnessed a substantial single-day outflow of $103 million. This outflow is approximately 2.37 times higher than the previous trading day. Consequently, it represents Grayscale’s largest outflow in the past week.

In contrast, six out of the remaining nine Bitcoin ETFs observed no significant flows. In this way, it suggests a lack of buying pressure in the market. This indicates a cautious approach among investors.  Potentially, it is influenced by various market factors and economic indicators.

The negative net inflow in Bitcoin Spot ETFs underscores the uncertainty and volatility present in the market. It underscores the challenges faced by investors as well as traders. Market participants may be adjusting their positions in response to evolving market conditions, regulatory developments, and macroeconomic factors.

May 10 Net Inflow Decline Signals Cryptocurrency Market Uncertainty

The above net inflow trends demonstrate the constantly changing dynamics of the cryptocurrency market, with a day-to-day sentiment change that may shift rapidly due to multiple reasons. In these market conditions, investors adhere to their expansion of the portfolios by adding various assets and implement standard to safeguard their capital and control the potential losses.

On May 10, the net inflow figures were observed in the negative, which indicates the continuing rather high level of the cryptocurrency market’s volatility. Investors should be careful when investing and making decisions and consider the changing market conditions. Keep visiting us for more updates.