US Bitcoin spot ETF saw a net inflow of $330 million yesterday (May 3), with Fidelity’s FBTC leading the way with an inflow of $103 million, while Grayscale’s GBTC saw a net inflow for the first time since its transition to a spot ETF. In addition, Bitcoin surged to a high of $63,000 this morning, and Bitfinex’s BTC long positions increased by 6% in the past few days.
The US-listed Bitcoin spot ETFs experienced a significant rebound in fund inflows on May 3, recording a total net inflow of $330 million, according to data compiled by HODL15Capital. Among them, Fidelity’s FBTC had the highest inflow with $103 million.
What’s more notable is that after 78 days of net outflows, Grayscale’s GBTC saw a net inflow of $63 million for the first time since its transition to a spot ETF.
In addition, according to HODL15Capital’s statistics, as of May 3, global Bitcoin spot ETFs held a total of 930,083 BTC, worth over $58.2 billion, with US spot ETFs holding 824,417 BTC, accounting for nearly 89%.
Furthermore, in terms of Bitcoin price, BTC surpassed the $60,000 mark again on the evening of May 3, rising over 8% from $58,849 to a high of $63,595 this morning. At the time of writing, it was trading at $62,758, with a 24-hour increase of 5%.
While Bitcoin’s price rebounded in the past two days, Bitfinex’s BTC long positions increased by 6% in the past few days, totaling 48,615 BTC, according to Cryptoslate. Analysis of Bitfinex whale activity in 2024 revealed that these whales held over 76,000 BTC on February 10 when Bitcoin was around $43,000. However, by the time Bitcoin hit a new all-time high of $73,000 in March, their holdings had decreased to 42,000 BTC.
However, since Bitcoin dropped to $60,000 on April 13, Bitfinex whales have been steadily increasing their holdings and have continued to do so during the recent rise from $56,500 to $63,500 in the past two days.
Historical trends indicate that Bitfinex whale activity can serve as a reliable indicator of price direction. When Bitcoin’s price reaches a high point, whale long positions tend to bottom out and bounce back, as these whales take advantage of market downturns to increase their positions. Conversely, as Bitcoin’s price rises, whales gradually sell off their positions.
The comparison between Bitcoin price (black line) and Bitfinex whale long positions (red line). Source: Cryptoslate.