Today’s Bitcoin Updates: Decline in Inflows Noted for BTC-Spot ETF

Key Highlights:
– Bitcoin (BTC) experienced a 0.91% increase on Tuesday, closing the session at $43,065.
– Net inflows in the BTC-spot ETF market showed a declining trend on Tuesday.
– Wednesday’s considerations include US lawmakers’ discussions, SEC activity, and BTC-spot ETF-related news.

BTC-Spot ETF Market Witnesses Decreasing Inflows:
On Tuesday, data revealed a negative trend in flows and volumes for BTC and the broader crypto market. Bloomberg Intelligence ETF Analyst James Seyffart provided insights into the BTC-spot ETF market for the 17th day of trading.

Only three BTC-spot ETFs recorded net inflows on Monday, with iShares Bitcoin Trust (IBIT) leading at $137.3 million, compared to $38.0 million for Fidelity Wise Origin Bitcoin Fund (FBTC). Despite IBIT’s successful start attributed to BlackRock’s advertising campaign, concerns arise regarding the sustainability of all nine ETFs beyond the first year. IBIT gathered total inflows of $3,194 million, while FBTC accumulated $2,638 million over 17 days of trading. In contrast, WisdomTree Bitcoin Fund only saw inflows of $11.1 million.

Key Points from Day 17 of Trading:
– The BTC-spot ETF market continued its seven-session net inflow streak.
– Grayscale Bitcoin Trust (GBTC) experienced a fifth consecutive session of decreasing net outflows.
– IBIT led in trading volume and net inflows over the 17 days, excluding GBTC.
– IBIT secured the fifth position in year-to-date (TYD) flows according to the latest US Exchange-Traded Fund rankings.

International Crypto Fund Investors Shift to BTC-Spot ETFs:
Bloomberg Intelligence Senior ETF Analyst Eric Balchunas highlighted a milestone in the BTC-spot ETF market, reporting the migration of international crypto fund investors to ETFs due to fee differentials.

Technical Analysis:
– BTC remained above the 50-day and 200-day EMAs, signaling bullish momentum.
– A break above $43,500 would target the $44,690 resistance level.
– Potential support lies at $42,968, with a break risking a drop to $39,861.
– The 14-Daily RSI reading of 53.63 suggests a potential return to the $44,690 resistance level.

Ethereum (ETH) Analysis:
– ETH maintained a bullish stance above the 50-day and 200-day EMAs.
– A return to the $2,400 handle could lead to a challenge of the $2,457 resistance.
– Support at $2,350, with a fall risking the 50-day EMA and $2,300.
– The 14-period Daily RSI at 54.39 indicates a potential return to the $2,457 resistance level.

Investors are advised to monitor US lawmakers’ discussions, SEC activity, and BTC-spot ETF-related news on Wednesday for market developments.

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