Bitwise Powers Spot BTC ETF Market With $11.5409 Million Net Daily Inflow
- The net inflow of Bitcoin spot Exchange Trust Fund (ETF) on May 8, 2024, was $11.5409 million.
- Bitwise BITB was responsible for the single-day net inflow of $11.5409 million recorded.
- Bitcoin spot ETFs’ total net asset value rose to $51.504 billion.
The net inflow of Bitcoin spot Exchange Trust Fund (ETF) on May 8, 2024, was $11.5409 million. Citing Soso Value’s data, famous blockchain and crypto journalist Colin Wu noted that the Grayscale GBTC had no inflows or outflows on the day. Wu highlighted that Bitwise BITB was responsible for the single-day net inflow of $11.5409 million.
On May 8, the total net inflow of Bitcoin spot ETF was $11.5409 million. Grayscale ETF GBTC has no inflows and outflows. Bitwise ETF BITB saw a single-day net inflow of $11.5409 million. The total net asset value of Bitcoin spot ETFs is $51.504 billion. https://t.co/OkjFkXsACa
— Wu Blockchain (@WuBlockchain) May 9, 2024
With last Wednesday’s net inflow, Bitcoin spot ETFs’ total net asset value rose to $51.504 billion, according to data from the spot Bitcoin ETF aggregation platform, Soso Value . Further details from the platform show that Grayscale maintained the top position in total net assets, despite recording a cumulative outflow of $17 billion.
Soso Value’s data reveal an $18.14 billion in the Grayscale GBTC net assets. BlackRock’s IBIT follows closely with an accumulation of $17.08 billion in net assets, while Fidelity completes the top three ETFs in net assets with a value of $9.52 billion.
In a rare situation, a daily increase in the net spot Bitcoin daily inflow did not correlate with the Bitcoin price movement. While the ETF net inflow increased by over $11 million, Bitcoin’s price dropped. The flagship cryptocurrency fell from a daily high of $62,996 to a $61,124 low, reflecting a 3.46% drop, according to data from TradingView .
Last Wednesday’s Bitcoin price movement reflected the fading momentum in Bitcoin’s strength that saw the pioneer crypto close below its opening price for three consecutive days. The recent move saw BTC, which started the week by rallying to $65,513, lose about 6.5% of its value at the close of Wednesday’s trading session.
Bitcoin attempted to stage a recovery at the time of writing. TradingView data show the leading crypto gained 0.61% in the early hours of Thursday, trading for $61,598 after opening the day at $61,143.
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