Bitcoin ETF Outflows Rebound To $34M As ARKB Buys The Dip
Highlights
- The Spot Bitcoin ETF outflows were led by Grayscale's GBTC.
- GBTC's total outflows have now surged to 327,000 BTC.
- Amid the rebound in ETF flows, the Bitcoin price also recovered from a low of $56,000.
The U.S. Spot Bitcoin ETF outflows narrowed to $34.4 million on Thursday, May 2. This marks a significant reversal from Wednesday’s gigantic outflow of over $563 million. Moreover, the recent rebound came amid a broader market recovery as the Bitcoin (BTC) price inched closer to $60,000, rebounding from the recent correction.
Bitcoin ETF Outflows Slow Down
According to data by Farside UK, the Grayscale Bitcoin Trust (GBTC) again led the outflows with $54.9 million drained out. Hence, the GBTC outflows have totalled to 327,000 BTC since inception. Despite the broader negative flow, notable inflows were observed into the Ark 21Shares Bitcoin ETF (ARKB).
ARK bought the dip in Bitcoin price with $13.3 million inflows, suggesting continued interest from institutional players. Meanwhile BlackRock’s IBIT Bitcoin ETF recorded zero flows again with Fidelity’s FBTC mirroring the move.
However, Valkyrie’s BRRR ETF recorded a net inflow of $2.3 million. Whilst, Franklin Templeton’s EZBC Bitcoin ETF tailed ARKB with $3.4 million influx on Thursday. In addition, Invesco Galaxy’s BTCO ETF recorded an inflow of $1.5 million.
Earlier, the BlackRock’s IBIT ETF witnessed the first day of outflows on Wednesday with $36.7 million withdrawn. Moreover, the Fidelity Bitcoin ETF overshadowed GBTC outflows for the first time with a negative flow of $191.1 million while the latter registered a net outflow of $167.4 million.
Also Read: BlackRock Sees Sovereign Wealth Funds, Pensions Dive into Bitcoin ETFs
Hong Kong ETF Inflow & Market Recovery
The crypto market also witnessed resilience as Bitcoin’s price rebounded from $56,500 to $60,000, indicating underlying support despite outflow concerns. This price recovery reflects ongoing investor confidence in Bitcoin’s long-term prospects despite short-term fluctuations. Furthermore, Ethereum (ETH) topped $3,000 and the other altcoins followed with notable gains.
In contrast to the outflow trend in traditional ETFs, the Hong Kong ETF market presented a different narrative. Official inflow numbers for Hong Kong ETFs revealed a significant $248 million under management. Notably, these ETFs allow in-kind contributions, enabling direct deposits of Bitcoin instead of solely relying on market purchases. This unique feature offers flexibility to investors and potentially contributes to the growing popularity of crypto ETFs.
Additionally, news of Europe’s BNP Paribas investing in the BlackRock Bitcoin ETF boosted investor confidence. Though the bank invested a modest amount of $41,684 in IBIT, it signals growing institutional interest and positive exposure for the crypto market.
Also Read: European Bank With $600B AUM Invests In BlackRock Bitcoin ETF
- Kraken Secures $500M at $15B Valuation, Eyes IPO in 2026
- Bybit Lists Ripple’s RLUSD Following BlackRock and VanEck Integration
- SWIFT Plans Stablecoin and On-Chain Messaging Pilot on Linea, Challenging Ripple
- Breaking: U.S. PCE Inflation Rises To 2.7% YoY, Bitcoin Bounces
- Breaking: $10 Trillion Vanguard Plans to Offer Crypto ETFs to Brokerage Clients
- Solana Price Set for Q4 Surge as Canary Capital ETF Filing Meets Wyckoff Accumulation
- Avalanche Price Could Surge to $50 as Transactions Jump 200%
- CHMPZ Price Prediction:Will This Net-Zero Community Token be the Next Gem?
- Ethereum (ETH) Price Set for a rebound as Whales Accumulate $1.6B ETH and Outflows Hit $622M
- HYPE Price Prediction As Bitwise Files For Hyperliquid ETF – Is $55 In Sight?
- Shiba Inu Price Eyes Recovery From Demand Zone With Burn Rate Soaring Nearly 400%
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
