Bitcoin ETF

Bitcoin

Grayscale Bitcoin Trust

In the struggling cryptocurrency market, the spot Bitcoin ETF (Exchange Traded Fund) is heavily impacted. Recently, an on-chain analytic firm, SpotonChain, made a post on X (previously Twitter) and disclosed the April 30, 2024, Bitcoin ETF flow. According to the data, it is found that the inflow remains negative, experiencing over $162 million in net negative inflows.&nbsp; Bitcoin ETF net negative inflow for 5th day&nbsp; 
This marks the 5th consecutive day of net negativeBTC ETF inflows and the 2nd occurrence since the approval of the Spot Bitcoin ETF in the United States. This continuous negative inflow might indicate retailer fears in this choppy or struggling market, where top cryptocurrencies like Bitcoin, Ethereum, Solana, Ripple, and others are losing momentum and continuously falling. 
Looking at the conditions of all those ETF providers in the United States, out of 11 ETF providers, almost all have experienced negative inflows or zero flows. Meanwhile, the fastest-growing <a href="https://news.todayq.com/is-blackrocks-bitcoin-etf-the-reason-behind-btc-price-halt/" rel="noopener noreferrer nofollow">BlackRock’s iShares Bitcoin Trust (IBIT)</a> has also experienced zero flow.
Additionally, this is the 5th consecutive day IBIT has gone through zero flows, which is also causing concern in the community. On the other hand, the ETF provider and the biggest Bitcoin ETF issuer, Grayscale Bitcoin Trust (GBTC), experienced a massive outflow of $93.2 million, almost 4 times higher than the previous day. Market sentiment and Bitcoin performance 
This continuous negative inflow and the struggling market define the market sentiment, indicating that the bull market may have ended. However, after the completion of Bitcoin Halving, there were high expectations and speculations across the crypto market that the overall market could soar massively, but it did not happen.
Currently, the overall cryptocurrency market is down by nearly 5%, while the 24-hour trading volume has jumped by 32%. This significant increase in trading volume highlights investors’ or institutions’ interest in this market fall, suggesting a possibility of accumulation.
As of writing, Bitcoin is trading near $60,100, and in the last 24 hours, it experienced a massive fall of over 5%. However, in the 7 and 30 days, it experienced significant falls of over 10% and 15%, respectively. Meanwhile, the 24-hour trading volume has increased by 42%, highlighting strong interest among investors.

Bitcoin drops 5% with high ETF outflows, Are investors losing it?

Todayq News

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