- Bitcoin’s price spiked after the US jobs report was dismal, suggesting that the Federal Reserve would be easing.
- As interest in US Bitcoin ETFs grows internationally, Grayscale’s Bitcoin ETF sees inflows for the first time in 77 days.
Today, investors in Bitcoin (BTC) saw a sharp rise in the value of the cryptocurrency, which surged to $63,261.61—a 6.63% increase in only one day. Given that Bitcoin’s price also increased somewhat by 0.60% during the previous week, indicating a tentative reversal from the prior bearish trend, this bounce is very noteworthy.
The surprising increase followed the US non-farm payroll (NFP) data’s recent disappointment, which raised the possibility of a more dovish stance from the Federal Reserve. As US Bitcoin Exchange-Traded Fund (ETF) withdrawals reversed a seven-day trend, this news appeared to be the catalyst for an upward trend in investor confidence.
First Inflows with Grayscale Leads
By coincidence, the Grayscale Bitcoin ETF (GBTC), which was introduced in January 2024, saw its first inflows since its establishment. The fund received a modest but hopeful $63 million on Friday. A significant turning point was reached when this occurrence ended a 77-day run of net outflows, in line with what Crypto News Flash previously disclosed.
Also, positive feelings were evident in the larger ETF market, as spot Bitcoin ETFs saw a $378 million net inflow on the same day. Notably, the Fidelity ETF (FBTC) stood out with significant single-day net inflows of $103 million, while BlackRock’s iShares Bitcoin ETF (IBIT) saw a smaller, yet positive, influx of $12.7 million.
Investors from Hong Kong Express Great Interest
A further example of the attractiveness that US spot Bitcoin ETFs have around the world is the fact that Hong Kong-based Yong Rong Asset Management became the largest ETF holder when it bought a sizeable $38 million worth of IBIT.
Hong Kong’s cryptocurrency-based exchange-traded funds (ETFs) have had remarkable growth. Three Bitcoin spot ETFs in the area secured about 4,225 BTC as of May 3, with collective net assets of $250 million. In addition, according to Sosovalue, three Ethereum spot ETFs held over 16,000 ETH in total, worth $48.52 million, demonstrating the growing interest of investors in the area’s cryptocurrency market.
According to sosovalue, as of May 3, the total net assets of the three Bitcoin spot ETFs in Hong Kong were US$250 million, held approximately 4,225 BTC. The total net assets of the three Ethereum spot ETFs in Hong Kong are US$48.52 million, held approximately 16,000 ETH.…
— Wu Blockchain (@WuBlockchain) May 4, 2024
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