The crypto market experienced a mixed day on Wednesday, May 8th, with Spot Bitcoin ETFs recording a modest inflow of $11.5 million. However, this recovery was driven solely by the Bitwise Bitcoin ETF (BITB), while other prominent players like Grayscale's GBTC and BlackRock's IBIT saw no flows.

Bitwise Leads the Charge

According to data from Farside UK, the Bitwise BITB ETF accounted for the entire $11.5 million inflow on Wednesday. In contrast, the likes of IBIT, GBTC, Fidelity Wise's FBTC, and ARK 21Shares' ARKB all reported zero flows.

Broader Market Trends

Despite the modest inflow, the price of Bitcoin continued its downward trajectory, falling below the $62,000 mark. This reflects the prevailing market pressures, with significant sell-offs noted by long-term BTC investors.

Previous Day's Outflows

On the previous day, Tuesday, May 7th, the U.S. Spot Bitcoin ETFs experienced net outflows totaling $15.7 million. Grayscale's GBTC led the exodus with $28.6 million in net outflows, while BlackRock's IBIT remained steady with zero flows.

Bright Spots Amid the Outflows

Amidst the outflows, Fidelity Wise Bitcoin ETF managed to attract an influx of $4.1 million, and Franklin Templeton's EZBC emerged as the star performer, witnessing the highest inflows of $6 million. This suggests a shift in investor sentiment toward certain Bitcoin ETF products.

The Road Ahead for Bitcoin

At the time of writing on Thursday, May 9th, the BTC price was down by 1.49% to $61,564.55, with a market valuation of $1.21 trillion. The trading volume also fell by 3.54% to $24.55 billion in the last 24 hours.

Crypto analyst Michaël van de Poppe believes that the downward trend in Bitcoin price is likely to test support around $60,000. If the price can sustain above this crucial level, it may brace for an "upward grind." However, the analyst also noted that the recent Bitcoin Halving event in April has led to "boredom" in the market, contributing to the recent price dips.