The Grayscale Bitcoin ETF (GBTC) has recorded its first inflows in over two months, marking a significant turnaround for the fund. This comes as the broader cryptocurrency market and equity markets bounce back following the release of the latest US jobs data.

On Friday, May 3rd, the Bitcoin price jumped after the release of the US nonfarm payrolls report, which came in much lower than expected. This increased the likelihood of a more dovish stance from the Federal Reserve, helping to arrest a seven-day outflow streak from US Bitcoin ETFs.

The Grayscale Bitcoin ETF, in particular, saw its first inflows of $63 million on the day, ending a 77-day losing streak. While not a massive amount, this is a welcome development for GBTC investors, providing some relief after the prolonged outflows.

Global Investor Interest in Crypto ETFs Grows

The resurgence in inflows was not limited to the Grayscale fund. Overall, US spot Bitcoin ETFs experienced a notable total net inflow of $378 million on May 3rd, marking the first positive inflow after seven consecutive days of outflows.

Fidelity's FBTC ETF recorded single-day net inflows of $103 million, while BlackRock's IBIT came in second with $12.7 million. Interestingly, Hong Kong-based investors have also been active in the US spot Bitcoin ETF market, with Yong Rong Asset Management acquiring $38 million worth of IBIT, making it the largest holder of the fund.

Hong Kong's Crypto ETF Market Gains Traction

The growing interest in cryptocurrency-based ETFs is not limited to the US. In Hong Kong, the cumulative net assets of three Bitcoin spot ETFs have reached $250 million, securing around 4,225 BTC. Additionally, the total net assets of three Ethereum spot ETFs in the region stand at $48.52 million, with holdings of approximately 16,000 ETH.

These figures highlight the increasing prominence and investor demand for crypto-based exchange-traded funds in the Hong Kong market, reflecting a global trend of growing institutional and retail interest in the cryptocurrency space.

Cautious Optimism Amid Macro Concerns

Despite the recent market turnaround, some traders remain cautious, as the Bitcoin price is still down from its record high of nearly $74,000 reached in March. This suggests that some investors may be perceiving risks in the global macro environment that the Fed or general investors have not yet fully acknowledged.

Overall, the resurgence in inflows to cryptocurrency ETFs, both in the US and Hong Kong, signals a renewed confidence in the digital asset market and its potential for long-term growth.