Over the weekend, Bitcoin experienced a bullish rebound, propelling its market cap to a current high of $64,100, marking an impressive 8.7% increase in just 24 hours. This surge has led to a significant shift in trading sentiment on Binance, with traders swiftly moving from liquidated short positions to long […]

Bitcoin Market Sees Weekend Surge Amidst Shifting Sentiment and ETF Inflows

Over the weekend, Bitcoin experienced a bullish rebound, propelling its market cap to a current high of $64,100, marking an impressive 8.7% increase in just 24 hours.

This surge has led to a significant shift in trading sentiment on Binance, with traders swiftly moving from liquidated short positions to long positions following the bounce. 

However, to sustain the rally, experts caution against excessive FOMO (Fear of Missing Out) that could potentially dampen market stability.

In a notable development, Bitcoin fees witnessed a substantial decrease this week, reflecting the swiftly changing market dynamics affecting the demand for Runes. Interestingly, despite this decline, weekly Bitcoin fees continue to surpass those of Ethereum, highlighting Bitcoins dominance in transaction activity.

Bitcoin ETF Net Inflow Turns Positive Signaling Good Sentiment 

May 3rd saw a significant net inflow of +$343 million into Bitcoin ETFs, signaling renewed investor interest in the cryptocurrency.

Among the key highlights, Grayscale Bitcoin Trust (GBTC) recorded its first single-day inflow since its inception, marking a positive turn after seven consecutive days of negative net inflows. Additionally, 8 out of 10 Bitcoin ETFs experienced inflows, with Fidelity Wise Origin Bitcoin Fund (FBTC) leading the pack with an inflow of $102.6 million. 

However, BlackRock iShares Bitcoin Trust (IBIT) saw a relatively weak single-day inflow of $13 million.

The resurgence in Bitcoins market performance, coupled with the influx of institutional investment through ETFs, suggests a growing confidence in the cryptocurrencys long-term prospects.

As Bitcoin continues to assert its position as a leading digital asset, market participants will closely monitor developments to gauge the sustainability of this upward momentum.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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