Bitcoin experienced a significant price surge following the release of disappointing US jobs report, which suggested that the Federal Reserve would implement more accommodative measures. As the interest in US Bitcoin ETFs continues to grow globally, Grayscale’s Bitcoin ETF witnessed inflows for the first time in 77 days.
Today, Bitcoin investors witnessed a remarkable increase in the cryptocurrency’s value, with its price soaring to $63,261.61—a 6.63% surge in just one day. This notable bounce comes after a slight 0.60% increase in the previous week, indicating a potential reversal from the previous bearish trend.
The unexpected rise followed the recent disappointment in the US non-farm payroll (NFP) data, which raised the possibility of a more dovish approach from the Federal Reserve. This news seemed to be the catalyst for an upward trend in investor confidence, as withdrawals from US Bitcoin Exchange-Traded Funds (ETFs) reversed a seven-day downward trend.
Coincidentally, the Grayscale Bitcoin ETF (GBTC), which was launched in January 2024, experienced its first inflows since its inception. The fund received a modest but promising $63 million on Friday, marking a significant turning point by ending a 77-day streak of net outflows, as previously reported by Crypto News Flash.
The positive sentiment was also evident in the broader ETF market, as spot Bitcoin ETFs recorded a net inflow of $378 million on the same day. The Fidelity ETF (FBTC) stood out with a substantial single-day net inflow of $103 million, while BlackRock’s iShares Bitcoin ETF (IBIT) saw a smaller but positive influx of $12.7 million.
The appeal of US spot Bitcoin ETFs is not limited to domestic investors, as Hong Kong-based Yong Rong Asset Management became the largest holder of ETFs by purchasing a significant $38 million worth of IBIT. Hong Kong’s cryptocurrency-based exchange-traded funds have experienced remarkable growth, with three Bitcoin spot ETFs in the region holding approximately 4,225 BTC, worth $250 million, as of May 3. Additionally, three Ethereum spot ETFs held a total of over 16,000 ETH, valued at $48.52 million, highlighting the increasing interest of investors in the local cryptocurrency market.
According to sosovalue, as of May 3, the total net assets of the three Bitcoin spot ETFs in Hong Kong were $250 million, holding approximately 4,225 BTC. The total net assets of the three Ethereum spot ETFs in Hong Kong amounted to $48.52 million, with a total holding of approximately 16,000 ETH.
Overall, Bitcoin’s price surge, coupled with the growing interest in US Bitcoin ETFs, reflects the evolving landscape of cryptocurrency investments, attracting investors from around the world.
