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Bitcoin (BTC) News Today: Bitcoin Halving Fuels BTC-Spot ETF Inflows

By:
Bob Mason
Updated: Apr 20, 2024, 04:37 GMT+00:00

Key Points:

  • Bitcoin (BTC) advanced by 0.54% on Friday (April 19), closing the session at $63,920.
  • Intensifying geopolitical tensions in the Middle East sent BTC to sub-$60,000 before reversing losses on the approaching Halving event.
  • On Saturday (April 20), investor sentiment toward the Bitcoin Halving, BTC-spot ETF market flow data for Friday (April 19), and news from the Middle East need consideration.
Bitcoin (BTC) News Today

In this article:

BTC-Spot ETF Market Sees Net Inflows on Friday, April 19

BTC advanced by 0.54% on Friday (April 19). Following a 3.63% rally on Thursday (April 18), BTC ended the session at $63,920.

News of Israel responding to the Iran attack impacted buyer demand for riskier assets. BTC slid to a Friday session low of $59,691 before reversing the losses. Investors reacted to Iran downplaying the attack, easing fears of a further escalation in the Middle East conflict.

BTC-spot ETF market flow data for Thursday (April 18) contributed to the early losses. According to Farside Investors numbers for Thursday (April 18), the BTC-spot ETF market saw net outflows of $4.3 million. Significantly, the BTC-spot ETF market saw net outflows for the fifth successive session.

  • Grayscale Bitcoin Trust (GBTC) saw net outflows of $90 million ($133.1 million on April 17).
  • iShares Bitcoin Trust (IBIT) saw net inflows of $18.8 million ($18.1 million on April 17).
  • Fidelity Wise Origin Bitcoin Fund (FBTC) saw net inflows of $37.4 million (April 17: zero net inflows).

BTC-spot ETF market flow data was positive for the Friday (April 19) session. Based on preliminary figures from Farside Investors, the BTC-spot ETF market saw total net inflows of $59.7 million on Friday (April 19). Significantly, the BTC-spot ETF market recorded net inflows for the first time in six sessions.

  • GBTC saw net outflows of $45.8 million, down from $90.0 million.
  • FBTC saw net inflows of $54.8 million.
  • IBIT recorded net inflows of $29.3 million.
  • Bitwise Bitcoin ETF (BITB), ARK 21Shares Bitcoin ETF (ARKB), Invesco Galaxy Bitcoin ETF (BTCO), and Franklin Bitcoin ETF (EZBC) also saw net inflows totaling $23.2 million.
  • VanEck Bitcoin Trust (HODL) saw net outflows of $1.8 million.

The net inflows coincided with the Bitcoin Halving.

Bitcoin and the Halving Event

The Bitcoin Halving occurred on Saturday (April 20, UTC) at block height 840,000. As a result, the blockchain subsidy fell to 3.125 BTC.

The Bitcoin Halving Countdown Clock unwound to zero, with the next Halving in 2028.

Halving happened on Saturday morning (UTC).
Bitcoin Halving Countdown 20/04/24

Technical Analysis

Bitcoin Analysis

BTC hovered below the 50-day EMA while remaining above the 200-day EMA. The EMAs confirmed the bearish near-term but bullish longer-term price trends.

A BTC break above the 50-day EMA would give the bulls a run at the $69,000 resistance level.

On Saturday, the Bitcoin Halving, BTC-spot ETF flow data, and the Middle East need consideration.

Conversely, a BTC drop below the $64,000 support level would bring the $60,365 support level into play.

With a 14-Daily RSI reading of 44.87, BTC could fall to the $58,000 handle before entering oversold territory.

BTC Daily Chart sends bearish near-term price signals.
BTCUSD Daily Chart 200424

Ethereum Analysis

ETH remained below the 50-day EMA while hovering above the 200-day EMA. The EMAs affirmed the bearish near-term but bullish longer-term price signals.

An ETH break above the $3,244 resistance level would support a move to the 50-day EMA. A breakout from the 50-day EMA would bring the $3,480 resistance level into play.

Conversely, an ETH break below the $3,033 support level could give the bears a run at the $2,800 handle.

The 14-period Daily RSI reading of 40.38 indicates an ETH fall to the $2,800 handle before entering oversold territory.

ETH Daily Chart sends bearish near-term price signals.
ETHUSD Daily Chart 200424

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

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