Bitcoin ETF

The Spot Bitcoin ETF in the United States, after seven consecutive trading days of outflows, has now turned positive, with heavy inflows observed. Recently, an on-chain analytics firm, SpotOnChain, made a post on X (formerly Twitter) and highlighted that on May 3, 2024, the Bitcoin ETF market in the United States experienced a massive inflow of over $343 million. Massive over $343 million fund inflow 
This significant inflow occurred at a time when the overall cryptocurrency market was experiencing downside momentum. However, if we examine the contributions of all theBitcoin ETF providers, out of ten, only eight providers experienced inflows.&nbsp; 
This massive inflow was led by the asset management giant Fidelity Wise Origin Bitcoin Fund (FBTC), with over $102 million in fund inflows. The single-day inflow of BlackRock iShares Bitcoin Trust (IBIT) remained weak at $13 million, while Grayscale’s Bitcoin Trust (GBTC) experienced a massive inflow of over $63 million after consecutive outflows.
Other ETF providers such as ARKB, BITB, HODL, BTCO, and EZBC also experienced fund inflows into spot Bitcoin ETFs. However, ETF providers including BRRR and BTCW experienced $0 inflows.
Following this massive inflow in the spot Bitcoin ETF, the overall cryptocurrency market is experiencing bullish momentum. Additionally, top cryptocurrencies like <a href="https://news.todayq.com/bitcoin-hits-62k-with-5-surge-on-weak-us-job-data/" rel="noopener noreferrer nofollow">Bitcoin</a>, Ethereum, Solana, and others are experiencing significant upside momentum. Bitcoin technical analysis and Key level 
Bitcoin’s recent dip on May 1, 2024, changed overall sentiment, but it appears to have been a bear trap, leading to massive liquidations and a subsequent fall in the overall market. Currently, Bitcoin is trading near $63,000, and in the last 24 hours, it has experienced a massive over 6% upside momentum. Over the last 7 days, Bitcoin has remained stable, whereas in the last 30 days, its price has dropped by over 4%.
According to expert technical analysis, Bitcoin in the 4-hour time frame faces resistance from the trendline and the 200 EMA (Exponential Moving Average). This time, there are two possibilities: if Bitcoin breaks out of this trendline and the 200 EMA, we could witness a massive upside momentum toward the $67,200 level. Source: TradingView 
On the other hand, if Bitcoin fails to break through, there is a high chance it may fall to $54,000. However, this speculation is based on the chart analysis of the 4-hour time frame, where Bitcoin is moving in a downward channel pattern.

A bullish signal just flashed for Bitcoin, what’s the next move?

Todayq News

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