Days after suffering devastating losses that dragged its price to $56,500, bitcoin rebounded on Thursday and during the early hours of Friday. This coincided with a slowdown in outflows from spot bitcoin exchange-traded funds in the US compared to the previous day’s record outflows.
Meanwhile, Grayscale’s GBTC, which has been notoriously experiencing outflows, was the only ETF to see a net outflow on Thursday, totaling $55 million, as per May 1st also marked the first time BlackRock’s IBIT recorded a net daily outflow amidst the broader market drawdown that led bitcoin to slip to the lows of $56,500.The market appears to be recovering as bitcoin attracted a modest 3% gain over the past day that pushed its price above $59,300 after FOMC’s dovish stance.
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