On May 10, 2024, the Bitcoin Spot ETF experienced a significant collapse in net inflows, plummeting to approximately -$84.7 million for the second consecutive day. This downturn contributed to a decrease in total inflows, which amounted to only $11.68 billion over the past 84 trading days. Concurrently, the price of BTC also saw a decline, dropping from over $63,000 to below $61,000, highlighting the inherent volatility of the crypto market.

A major factor contributing to this decline was the Grayscale Bitcoin Trust (GBTC), which recorded its largest single-day outflow of $103 million, nearly 2.37 times higher than the previous trading day. This notable outflow signals a cautious approach among investors, as evidenced by the lack of significant flows in six out of the remaining nine Bitcoin ETFs. This subdued buying pressure suggests a climate of uncertainty influenced by various market factors and economic indicators.

The negative net inflow observed in Bitcoin Spot ETFs underscores the ongoing uncertainty and volatility prevalent in the cryptocurrency market. Investors and traders alike face challenges in navigating these dynamics, potentially adjusting their positions in response to regulatory developments and macroeconomic shifts. The day-to-day sentiment changes in the market highlight the rapid shifts in investor behavior and the need for cautious decision-making.

The trends in net inflows on May 10 underscore the constantly evolving nature of the cryptocurrency market, with investors adapting their strategies to mitigate risks and safeguard their capital. Given the high level of volatility, investors are urged to exercise caution and closely monitor market conditions when making investment decisions. As the market continues to fluctuate, staying informed and proactive is crucial for managing potential losses and optimizing investment portfolios.