- This strong net inflow shows a strong institutional interest in Bitcoin, mainly backing the upward trajectory in the price.
- The inflows witnessed by IBIT and FBTC also indicated that funds are flowing greatly into BTC, influenced by favorable macroeconomic conditions.
The data from Farside Investors revealed that Bitcoin ETF net flows are estimated at $321.4 million on May 9. Some prominent Bitcoin ETFs, such as IBIT and FBTC, noted flows of $356.2 million and $45 million, respectively.
On the other hand, GBTC and BIBT noted outflows of $65.2 million and $14.6 million, respectively. Other than this, ARKB, BTCOM, EZBC, BRRR, and BTCW didn’t witness any flows.
This strong net inflow shows a strong institutional interest in Bitcoin, mainly backing the upward trajectory in the price and led to positive sentiment over the wider crypto market. The inflows witnessed by ETFs like IBIT and FBTC also indicated that fund is greatly flowing into BTC, influenced by favorable macroeconomic conditions or risk-on sentiment in traditional markets.
Inflows Fueling the Sentiment
The prominent financial outlets reported that the S&P 500 also underwent a 0.5% gain on May 9. The move also indicates many unique trading opportunities for investing enthusiasts. Following the inflow, BTC witnessed a surge of 0.34% in the past 24 hours and is currently trading at $103,484.
The technicals suggest a bullish momentum, having key indicators backing further upside. The Relative Strength Index on the 4-hour chart for BTC/USD stood at 75 at the press time. The 50-day and 200-day moving averages stand at 61,800 USD and 58,500 USD, respectively.
As per the reports from Glassnode, a 12% surge was seen in Bitcoin wallet addresses having more than 1 BTC between May 8 and May 10 of this year. The move indicated purchases by big players.
A big inflow by IBIT of 356.2 million USD indicates that traditional finance players are directing funds into crypto. The move is also said to stabilize the price of Bitcoin above 64,000 USD in the future.
Highlighted Crypto News Today:
German Police Seize $38M from eXch Platform Tied to $1.4B Bybit Hack
