Welcome to Extreme Investor Network, where we provide unique insights and analysis on the latest happenings in the stock market and trading world. Today, we delve into the flow data of some key players in the cryptocurrency market.
According to recent data from Farside Investors, here are some key highlights:
– Grayscale Bitcoin Trust (GBTC) saw a significant decrease in net outflows, falling from $82.4 million to $24.7 million on April 29.
– Fidelity Wise Origin Bitcoin Fund (FBTC) experienced an increase in net outflows, rising from $2.8 million to $6.9 million.
– ARK 21Shares Bitcoin ETF recorded net outflows of $31.3 million, after previously seeing net inflows of $5.4 million.
– Excluding flow data for iShares Bitcoin Trust (IBIT), Invesco Galaxy Bitcoin ETF (BTCO), and Valkyrie Bitcoin Fund (BRRR), the US BTC-spot ETF market saw net outflows of $54.3 million.
Upcoming developments on Tuesday (April 30) include the launch of HK BTC and ETH-spot ETFs, providing investors with insights into buyer appetite for BTC versus ETH. Bloomberg Intelligence Senior ETF Analyst Eric Balchunas estimates the BTC-spot ETF market dominance, speculating on the potential popularity of Ethereum.
In terms of technical analysis on Bitcoin (BTC), we see that it is currently hovering below the 50-day EMA while remaining above the 200-day EMA. This indicates a bearish near-term outlook but a bullish longer-term perspective.
A potential breakout above the 50-day EMA could lead to a move towards the $69,000 resistance level, with further upside towards the all-time high of $73,808. Conversely, a breakdown below the $64,000 support level could bring the $60,365 level into play, potentially pushing BTC into oversold territory based on the 14-Daily RSI reading.
Stay tuned for more updates and analysis on the stock market, trading, and the world of finance, exclusively on Extreme Investor Network. Happy investing!
