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Bitcoin spot exchange-traded funds (ETFs) saw net outflows of $11.29 million on May 9.
What Happened: The Grayscale Bitcoin Trust (OTC:GBTC) registered a substantial net outflow of $43.3522 million, while the BlackRock Bitcoin Trust (NASADAQ: IBIT) experienced a net inflow of $14.1946 million. Other ETFs also saw modest inflows:
Analysts from QCP Capital indicated that the market is adjusting to the anticipations of two Federal Reserve rate cuts later this year, with the first cut expected no earlier than September.
Why It Matters: Despite the outflows, there isn't a sense of bearish panic among traders.
Instead, the market is adapting to a scenario of lower volatility, with a structurally positive outlook on Bitcoin towards the year-end.
Additionally, the U.S. Dollar has been on the rise, driven by expectations that other central banks may delay their rate cuts until after the Federal Reserve acts.
This cautious yet optimistic market sentiment aligns with the themes poised to be discussed at the upcoming Benzinga Future of Digital Assets event on Nov. 19.
The conference aims to delve into the dynamics of cryptocurrency investments and the broader economic factors influencing these digital assets.
Read Next: House Challenges SEC Over Crypto Custody Rules, Biden Vows Blockade
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