Strong Bitcoin ETF Inflows Bolster BTC Stability, Reports Bitfinex

Consistent Bitcoin ETF inflows and high daily closes contribute to BTC's market stability, according to Bitfinex.
Strong Bitcoin ETF Inflows Bolster BTC Stability, Reports Bitfinex
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Key Takeaways

  • Bitfinex claims Bitcoin's ecosystem shows stability with high daily closes and BTC outflows.
  • Spot Bitcoin ETFs in the U.S. recorded positive inflows for seven consecutive days.
  • BlackRock's iShares Bitcoin Trust led the market with nearly $16 billion in investments.

According to a report from Bitfinex, Bitcoin’s ecosystem has shown remarkable stability, marked by consistent high daily closes, significant BTC outflows from exchanges, and substantial inflows into the spot Bitcoin ETF market.

These trends have fueled a bullish sentiment surrounding Bitcoin investments.

Bitfinex researchers identified that Bitcoin’s bottom price is around $60,000 based on weekly market conditions.

The recent Bitfinex Alpha report highlighted key developments supporting this belief, including the consistent high daily closes and massive BTC outflows from exchanges.

Bitcoin being pulled from exchanges

On May 15, 55,000 BTC were withdrawn from exchanges, yet Bitcoin maintained its stability, trading above $61,000 despite the $3.85 billion outflow.

Such large outflows usually signal negative market sentiment, but Bitcoin’s low volatility persisted.

Positive inflows

The spot Bitcoin ETF market in the U.S. saw net positive inflows for seven consecutive days. Grayscale Bitcoin Trust (GBTC), typically responsible for major outflows, recorded net positive inflows in six out of the last seven days.

The Bitfinex report noted:

Currently, ETF buyers have a similar cost basis, at around $62,000, excluding GBTC.

BlackRock’s iShares Bitcoin Trust (IBIT) led the market, attracting nearly $16 billion and outperforming other approved Bitcoin ETFs.

JPMorgan Chase disclosed investments in Bitcoin ETFs from Grayscale, ProShares, Bitwise, BlackRock, and Fidelity, holding roughly $760,000 worth of shares as of a May 10 SEC filing.

The SEC cautioned that the information provided by JPMorgan Chase might not be “accurate and complete.”

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