Bitcoin has reclaimed its position above $65,000, marking a significant rebound from its recent dip below $57,000 observed just last week.
As per CoinMarketCap data, Bitcoin briefly reached $65,500 before retracing to $63,500 at the time of reporting, showcasing the cryptocurrency’s volatile yet resilient nature.
Alongside Bitcoin’s price surge, its asset dominance has also strengthened, reflecting its market capitalization’s share within the total cryptocurrency market, which now stands at 54.8%.
Furthermore, the Fear and Greed Index has experienced a modest uptick of two basis points over the past 24 hours, indicating a shift in market sentiment towards optimism.
Bitcoin’s ascent above $60,000 was solidified by the latest U.S. labor market report released on May 3. This report altered expectations regarding the Federal Reserve’s key rate cut timeline, pushing it forward from November to September and subsequently bolstering Bitcoin’s value.
In tandem with these developments, investors have been withdrawing funds from Bitcoin spot ETFs consistently since last month, with outflows totaling $1.2 billion from April 24 to May 2. However, this trend reversed on May 3, with spot Bitcoin ETFs witnessing an inflow of $378 million.
Since the beginning of the year, total inflows into Bitcoin ETFs have exceeded a staggering $11.5 billion, underscoring growing institutional interest in the cryptocurrency asset class.
Moreover, April 30 saw the introduction of spot ETFs for both Bitcoin and Ethereum in Hong Kong. While trading volumes for these ETFs in the Asian market are still modest compared to their American counterparts, their existence signals a positive shift towards wider cryptocurrency adoption globally.
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