Welcome to Extreme Investor Network, where we bring you the latest insights and updates from the world of finance, trading, and the stock market. Today, we dive into the recent movements in the US BTC-spot ETF market, the latest news on MicroStrategy’s Bitcoin acquisitions, and the upcoming launch of US ETH-spot ETFs.
According to recent data from Farside Investors, several key players in the cryptocurrency market experienced net outflows. Grayscale Bitcoin Trust (GBTC) saw net outflows of $34.2 million, while Fidelity Wise Origin Bitcoin Fund (FBTC) reported net outflows of $44.8 million. Additionally, ARK 21Shares Bitcoin ETF (ARKB) had net outflows of $28.8 million. Despite this, the US BTC-spot ETF market extended its net outflow streak to six sessions, marking its longest losing streak since May.
However, the market saw a glimmer of hope with MicroStrategy founder Michael Saylor’s announcement of a significant Bitcoin purchase. MicroStrategy acquired an additional 11,931 BTC, totaling $786.0 million, bringing their total Bitcoin holdings to 226,331 BTC. This move helped to mitigate some of the negative trends in the market.
On another front, US ETH-spot ETF issuers have filed S-1 amendments, with BlackRock being the final issuer to submit their amendment. This paves the way for the launch of a US ETH-spot ETF market, with expectations of a launch before the July 4 holidays. Analysts are closely watching the potential demand for ETH-spot ETFs, with some predicting a more cautious outlook compared to Bitcoin.
In terms of technical analysis, BTC remains below the 50-day EMA but above the 200-day EMA, indicating a mix of bearish near-term trends and bullish longer-term signals. Market chatter and Fed rate cut expectations could influence buyer demand for BTC, with key resistance and support levels to watch out for.
As we navigate these market movements and anticipate the launch of ETH-spot ETFs, stay tuned to Extreme Investor Network for all the latest updates and insights to help you make informed investment decisions. Happy trading!