US Bitcoin spot ETF saw a net inflow of $330 million yesterday (May 3rd), with Fidelity’s FBTC leading the way with an inflow of $103 million. This marks the first net inflow for Grayscale’s GBTC since its transition to a spot ETF. Additionally, Bitcoin surged this morning, reaching a high of $63,000, while Bitfinex’s BTC long positions increased by 6% in the past few days.
The US Bitcoin spot ETF experienced a significant rebound in fund inflows on May 3rd, recording a net inflow of $330 million, according to data compiled by HODL15Capital. Fidelity’s FBTC had the highest inflow with $103 million.
Furthermore, this is the first net inflow for the overall spot ETF since April 24th, after seven consecutive days of net outflows.
Source:
@HODL15Capital
What’s also noteworthy is that Grayscale’s GBTC saw a net inflow of $63 million for the first time in 78 days since its transition to a spot ETF.
Further reading:
Crypto Quant Founder: Bitcoin to Reach $112,000 in 2024, ETF Funds Continuously Flowing, GBTC Selling at a New Low
Source:
@HODL15Capital
In addition, according to HODL15Capital’s statistics, as of May 3rd, global Bitcoin spot ETFs hold a total of 930,083 BTC, worth over $58.2 billion, with US spot ETFs holding 824,417 BTC, accounting for nearly 89%.
Source:
@HODL15Capital
Regarding Bitcoin’s price, after falling below $57,000 on May 1st, it once again crossed the $60,000 mark on the evening of May 3rd. It surged over 8% from $58,849 to a morning high of $63,595. At the time of writing, it was trading at $62,758, with a 24-hour increase of 5%.
Source: Trading View
As Bitcoin’s price rebounded in the past two days, Bitfinex’s BTC long positions have significantly increased by 6%, totaling 48,615 BTC, according to Cryptoslate’s report. Analyzing Bitfinex whale activity in 2024, these whales held over 76,000 BTC on February 10th when Bitcoin was around $43,000. However, when it reached a historical high of $73,000 in March, their holdings had decreased to 42,000 BTC.
However, since Bitcoin fell to $60,000 on April 13th, Bitfinex whales have been steadily increasing their holdings and have continued to expand their positions during the recent rise from $56,500 to $63,500 in the past two days.
Historical trends indicate that Bitfinex whale activity can serve as a reliable indicator of price direction. When Bitcoin’s price reaches a high point, whale long positions tend to bottom out, and these whales increase their positions during market downturns. Conversely, as Bitcoin’s price rises, whales gradually sell off their positions.
Comparison between Bitcoin price (black line) and Bitfinex whale long positions (red line). Source: Cryptoslate
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