- GBTC saw net outflows of $167.4 million, up from $93.2 million on April 30.
- FBTC recorded net outflows of $191.1 million, the most marked since launching on January 11. Significantly, FBTC saw net outflows for the fifth session.
- ARK 21Shares Bitcoin ETF (ARKB) saw net outflows of $98.1 million.
- Six of the seven ETFs with up-to-date flow data saw net outflows on Wednesday (May 1).
Bloomberg Intelligence ETF Analyst James Seyffart reacted to the flow data and third-party sources for IBIT numbers, saying,
“Andddd IBIT has its first outflow day of its existence. Ruff day to be a bitcoin ETF.”
According to Tree News, IBIT saw net outflows of $36.9 million on Wednesday (May 1).
There was no trading on the Hong Kong BTC and ETH-spot ETF markets. The HK markets were closed for the Labor Day holiday.
Technical Analysis
Bitcoin Analysis
BTC sat comfortably below the 50-day EMA while remaining above the 200-day EMA. The EMAs affirmed the bearish near-term but bullish longer-term price signals.
A BTC breakout from the $60,365 resistance level would give the bulls a run at the 50-day EMA and the $64,000 resistance level. Selling pressure could intensify at the $64,000 resistance level. The 50-day EMA is confluent with the resistance level.
On Thursday, US labor market data and BTC-spot ETF flow data from HK and the US need consideration.
Conversely, a BTC fall through the $55,000 handle could give the bears a run at the $52,884 support level.
With a 31.71 14-Daily RSI reading, BTC could drop to the $55,000 handle before entering oversold territory.
This article was originally published by a www.fxempire.com . Read the Original article here. .
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