At Extreme Investor Network, we pride ourselves on providing exclusive and valuable insights into the world of the stock market, trading, and Wall Street. Today, we bring you the latest updates on the US BTC-Spot ETF market and how it is impacting the price of Bitcoin.
On Thursday, the US BTC-spot ETF market flow trends provided late support for Bitcoin, pushing the digital asset back to the $57,700 handle. According to Farside Investors, there were interesting developments in the market flow:
– Grayscale Bitcoin Trust (GBTC) reported net outflows of $25.0 million.
– Grayscale Bitcoin Mini Trust (BTC) saw net inflows of $13.7 million.
– Fidelity Wise Origin Bitcoin Fund (FBTC) recorded net inflows of $16.2 million.
– Bitwise Bitcoin ETF (BITB) experienced net inflows of $6.2 million.
Excluding data for iShares Bitcoin Trust (IBIT), the US BTC-spot ETF market saw net inflows of $11.1 million on Thursday. Additionally, the supply-demand dynamics of Bitcoin remain crucial, with Mt. Gox holding 46,164 BTC to repay creditors posing a risk of oversupply.
Expert Views on Crypto-Spot ETFs have also been insightful, with ETF Store President Nate Geraci highlighting the impressive performance of iShares Bitcoin ETF and other spot BTC ETFs. The numbers speak for themselves, with significant inflows and successful launches in 2024.
From a technical analysis standpoint, Bitcoin continues to trade below the 50-day and 200-day EMAs, signaling bearish sentiment. However, a breakout above the 200-day EMA could pave the way for a challenge towards the $60,365 resistance level. Conversely, a drop below $57,000 could test the $55,000 support level, potentially leading to a decline towards $52,884.
As market participants navigate through these price movements, monitoring Mt. Gox, US government BTC supply news, and US BTC-spot ETF market flow trends will be crucial in forming informed trading decisions. With a 41.40 14-Daily RSI reading, Bitcoin may see a dip towards the $55,000 handle before reaching oversold territory.
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