As May begins, Bitcoin (BTC) is making headlines again—this time by approaching the $97,000 mark, its highest level since February 22. In just one day, the world’s largest cryptocurrency rose nearly 3%, sending a clear message: the bulls are back in control. Meanwhile, traditional safe-haven asset gold is down nearly 8% from its recent highs, creating an interesting contrast between the old and new stores of value. With global markets in a state of flux, investors are closely watching Bitcoin’s next move—and what it might mean for the broader financial landscape. Bitcoin’s Climb: A Perfect Storm of Momentum Bitcoin’s sharp move higher came during the opening hours of the U.S. trading session. Stocks were also rallying, with tech giant Microsoft jumping 10% and temporarily becoming the most valuable public company on the planet. This kind of synchronized bullish momentum in both equities and crypto suggests that investors are regaining confidence in risk-on assets. Popular trader a...
The cryptocurrency market experienced a significant shift as investors pulled substantial amounts from Bitcoin and Ether exchange-traded funds (ETFs), marking a stark contrast to the strong inflows seen in previous weeks.
According to data from Sosovalue, Bitcoin ETFs recorded a net outflow of $186.28 million, while Ether ETFs saw $22.46 million withdrawn. This sudden reversal hints at evolving investor sentiment, possible profit-taking, or broader market uncertainty.
Among the Bitcoin ETFs, Fidelity’s FBTC led the outflows with a staggering $136.09 million in withdrawals, followed by Grayscale’s GBTC, which saw $46.26 million exit. Other Bitcoin ETFs, including Invesco’s BTCO, Franklin’s EZBC, and Vaneck’s HODL, also experienced notable outflows of $34.03 million, $19.75 million, and $5.51 million, respectively. However, not all funds faced outflows—BlackRock’s IBIT ETF defied the trend, attracting $55.36 million in inflows, signaling continued investor confidence in certain segments of the market.
For Ether ETFs, Grayscale’s ETHE was the sole fund to report outflows, losing $22.46 million. Other Ether ETFs remained stagnant with neither inflows nor outflows recorded on that day, suggesting a pause in investor activity.
Despite these outflows, the broader cryptocurrency market remains resilient. As of February 10, Bitcoin is trading at approximately $98,100, showing a modest increase from the previous day’s close, while Ether is valued at around $2,701.
While these outflows do not yet indicate a definitive trend, a prolonged withdrawal pattern could suggest a shift in broader market sentiment. This development coincides with Bitcoin investors withdrawing funds from exchanges at levels unseen since the FTX collapse in 2022. On February 5 alone, over 47,000 BTC left exchanges, reducing the supply of Bitcoin on trading platforms by 3%. Historically, such large-scale outflows have often preceded significant price increases as reduced supply drives up demand.
Amidst these market movements, traders and investors are closely monitoring macroeconomic indicators, including inflation expectations and monetary policy updates. Statements from Federal Reserve Chair Jerome Powell and other economic developments could play a pivotal role in shaping Bitcoin’s price trajectory in the coming weeks.
As market participants digest these shifts, the coming days will be crucial in determining whether this trend signals a broader correction or a temporary phase in an otherwise bullish market cycle.
Source: investing.com
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