The start of the week has been a strong one for Bitcoin investors, as US Bitcoin ETFs recorded a net inflow of $217 million on Monday, May 6. This occurred amidst a rise in all three major Wall Street indices, driven by growing expectations of imminent Federal Reserve rate cuts.

Fidelity Leads the Way in Bitcoin ETF Inflows

On May 6, Bitcoin spot ETFs witnessed substantial net inflows totaling $217 million, reflecting the increasing investor interest in cryptocurrency exchange-traded products. Among the notable contributors, the Grayscale ETF GBTC recorded a single-day net inflow of $3.937 million, marking the second consecutive day of such activity.

However, the inflows into the Grayscale

Bitcoin ETF GBTC have dropped significantly from the $64 million observed last Friday, May 3. Amrita Nandakumar, president of Vident Investment Advisory, commented on this development, stating, "Now that the tide has turned from outflows to inflows, I think moving forward it's gonna be harder to predict what direction the flows will go. I'll be curious to see how closely that's tied to the price to Bitcoin or how closely it's tied to what other issuers of Bitcoin ETFs do to try to attract Grayscale investors."

The Fidelity ETF FBTC also saw significant activity, with a single-day net inflow of $99.1936 million. Additionally, Ark Invest and 21Shares ETF ARKB experienced a notable single-day net inflow of $75.6412 million, further highlighting the market's appetite for exposure to Bitcoin through ETFs. On the other hand, the Hong Kong Bitcoin ETFs now hold over 3,400 Bitcoins after the first four days of going live for trading.

Wall Street's Resurgence

On Monday, May 6, the Dow Jones Industrial Average rose by 176.59 points, or 0.46%, closing at 38,852.27. This marked the fourth consecutive session of gains for the 30-stock index. Meanwhile, the S&P 500 ended at 5,180.74, up by 1.03%, and the Nasdaq Composite reached 16,349.25, with a gain of 1.19%.

The stocks received a boost in early afternoon trading following an announcement from Hamas on Monday. The group accepted an Egyptian-Qatari cease-fire proposal aimed at ending the war with Israel.