Markets
Today’s Bitcoin (BTC) News: ETF Flows Challenge Market Trends Amid Fed Speculation
- The Grayscale Bitcoin Trust (GBTC) reported net outflows of $36.3 million on Friday.
- Bitwise Bitcoin ETF (BITB) recorded net outflows of $7.9 million.
- iShares Bitcoin Trust (IBIT) recorded net inflows of $168.3 million, with ARK 21Shares Bitcoin ETF (ARKB) recording net inflows of $6.0 million.
- Seven issuers, including Fidelity Wise Origin Bitcoin Fund (FBTC), reported zero net flows.
Friday’s data reflects the impact of the US jobs report on market risk appetite. However, the prolonged streak of inflows could support BTC at current price levels. However, market dynamics may change next week with the focus on the US CPI report and the FOMC interest rate decision.
Nate Geraci, President of ETF Store, commented on recent trends in BTC spot ETF market flows, stating,
“The iShares Bitcoin ETF took in almost *$1 billion* this week… The spot bitcoin ETFs took in about *$2 billion* overall. I don’t think people appreciate how ridiculous this all is. Especially for a product I was familiar with. said no one wanted. Now a $60 billion ETF class. In 5 months.
The importance of spot BTC ETF inflows into the US was evident when considering losses in the broader cryptocurrency market. Ethereum (ET) fell 3.53% to $3,678 as investors await updates related to US ETH spot ETFs.
Technical analysis
Bitcoin Analysis
Bitcoin it remained above 50 and 200 days EMAsending bullish price signals.
A BTC return to $70,000 would support a move to Friday (June 7) high of $71,992. A breakout of $71,992 would bring the all-time high of $73,808 into play.
Investor sentiment towards the Fed’s rate path and US spot BTC ETF market flow data requires consideration.
Conversely, a BTC break below the $69,000 support level could give the bears a run towards the 50-day EMA.
With a daily RSI reading of 56.34, BTC could move back to an all-time high of $73,808 before entering overbought territory.