Bitcoin ETF

Grayscale Bitcoin Trust

In the United States, this is the first time that the Spot Bitcoin ETF (Exchange Traded Fund) has experienced continuous outflows for 7 consecutive days. Recently, an on-chain analytics firm made a post on X (previously Twitter) and shared ETF flow data, which shocked everyone’s mind as it again experienced a massive $34 million outflow. 7 consecutive days of net negative inflow 
However, this current outflow on May 2, 2024, is lower than the $564 million outflow on May 1, 2024. There might be yesterday’s Bitcoin price reversal which may have helped in lowering the ETF outflow. Whereas, BlackRock’s iShares Bitcoin Trust (IBIT) continues to see zero inflow for the last 7 trading days. On the other hand, Grayscale Bitcoin Trust (GBTC) also sees lower ETF outflows from $167 million to $54.9 million. 
Besides these massive negative inflows or outflows, 4 spot Bitcoin ETF issuers including ARK &amp; 21Shares (ARKB), Valkyrie (BRRR), Invesco &amp; Galaxy (BTCO), and Franklin (EZBC) have seen a decent inflow of funds. Following this inflow, the single largest inflows come from ARK &amp; 21Shares (ARKB) which experienced inflows of $13.3 million, Franklin’s (EZBC) saw inflows of $3.4 million, whereas Valkyrie (BRRR) and Invesco &amp; Galaxy (BTCO) see $2.3 million and $1.5 million. 
However, the current inflows that ETF issuers have experienced are significantly lower than the outflows. But looking at the current market sentiment, it looks like investors and retailers are showing interest following the decent market recovery. Bearish market structure and key levels to watch&nbsp; 
Currently, Bitcoin is trading near $59,550, and in the last 24 hours, it experienced nearly 4% of upside momentum. If we look at the performance of Bitcoin over a longer period, in the last 7 days, it experienced over 7% of downside momentum. Whereas, in the last 10 days, the Bitcoin price has dropped by 10%. Following this price surge, one thing that got noticed is the 24-hour trading volume which has dropped by nearly 40%, and it currently stands near $30 billion. 
According to expert technical analysis, <a href="https://news.todayq.com/bitcoin-collapse-to-continue-veteran-trader-brandt-says-this/">Bitcoin is still bearish</a>, and the recent price surge might be due to the retest of the breakdown level. If Bitcoin fails to close above the $60,000 level on a daily time frame, then there is a higher possibility that the price will fall. Whereas, if Bitcoin in the coming days gives a closing below the $57,000 level, then $53,200 we may witness in the coming days.

Bitcoin ETFs negative trend continues, What’s next for BTC?

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