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Following several days of net outflows, Bitcoin (CRYPTO: BTC) spot ETFs listed in the U.S. experienced a significant turnaround on May 3rd, with a combined net inflow of $378 million.
What Happened: This marks a notable shift from the previous week’s trend of net outflows, signaling a resurgence of bullish sentiment in the crypto market, according to data from SoSoValue.
The Grayscale Bitcoin Trust (OTC:GBTC), one of the largest Bitcoin funds, experienced a rare inflow of $63.0112 million on the same day, while the Fidelity Bitcoin Trust (BATS:FBTC) saw inflows amounting to $103 million.
BlackRock‘s iShares Bitcoin Trust (NASDAQ: IBIT) rebounded with a net inflow of $13 million, while Bitwise’s Bitcoin ETF (BATS:BITB) and Ark’s ETF ARKB (BATS: ARKB) took in $33 million and $28 million, respectively.
This influx of funds comes as the crypto market begins to recover from a recent downturn, which saw Bitcoin prices dip as low as $56,000 last week.
Further data on the Hong Kong market indicates the three Bitcoin spot ETFs collectively hold assets worth approximately $250 million, encompassing around 4,225 BTC.
Meanwhile, the three Ethereum (CRYPTO: ETH) spot ETFs in Hong Kong hold assets valued at $48.52 million, representing approximately 16,000 ETH.
Also Read: SEC Delays Decision On Bitcoin And Carbon Credit Futures ETF
Why It Matters: The rebound in cryptocurrency prices coincides with broader economic signals suggesting a potential easing of inflation, following reports of slowing job growth.
Such economic conditions have fueled investor optimism, with expectations of possible rate cuts by the Federal Reserve later this year.
Bitcoin has rallied to just above $65,000, with Ethereum also showing significant gains, up 11% since its low last Wednesday.
Overall, the cryptocurrency market has seen an addition of roughly $200 billion in market capitalization since Federal Reserve Chair Jerome Powell‘s remarks on May 1, according to CoinGecko.
What’s Next: These positive shifts in the cryptocurrency market are likely to be a major topic at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
Read Next: Arthur Hayes Sees Bitcoin Bottom In, Predicts ‘Range-Bound Price Action’ Until August
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