US BTC-Spot ETF Market Extended Net Inflow Streak to 14 Sessions
On Saturday (June 1), bitcoin (BTC) advanced by 0.30%. Partially reversing a 1.27% loss from Friday (May 31), BTC closed the day at $67,717.
US BTC-spot ETF market flow data for Friday (May 31) drove buyer demand for BTC. Rising investor bets on a September Fed rate cut influence buyer appetite for BTC-spot ETFs. According to the CME FedWatch Tool, the probability of the Fed standing pat in September fell from 50.2% to 45.2% in the week ending May 31.
Investors lifted expectations of a Fed rate cut despite the sticky inflation numbers for April.
According to Friday (May 31) flow data from Farside Investors,
- Grayscale Bitcoin Trust (GBTC) and VanEck Bitcoin Trust (HOLDL) saw net outflows of $124.0 million and $1.9 million respectively.
- iShares Bitcoin Trust (IBIT) topped the ETF table with net inflows of $169.1 million.
- Fidelity Wise Origin Bitcoin Fund (FBTC) reported net inflows of $5.9 million.
- Eight of the eleven issuers had zero net flows on the last day of May.
In May, the US BTC-spot ETF market logged total net inflows of $2,095.5 million. In April, the US BTC-spot ETF market saw total net outflows of $344 million.
US BTC-Spot ETFs Hold Almost 900,000 Bitcoin
On Saturday (June 1), ETF Store President Nate Geraci shared a US BTC-spot ETF chart of the issuers by BTC holding. According to the chart,
- IBIT held 291,567 BTC as of May 31, with GBTC holding 285,139.
- FBTC ranked a distant third, with 164,118 BTC.
- The US BTC-spot ETF market had a total BTC holding of 858,368 as of May 31, 2024.
While the US BTC-spot ETF market recorded a four-week inflow streak, it could be a choppy week ahead for the global financial markets. US ISM Services PMI and US labor market data will influence the Fed interest rate trajectory.
Better-than-expected figures could sink investor expectations of a September rate cut and the demand for riskier assets. A resumption of total net outflows in the US BTC-spot ETF market and a more hawkish Fed could paint a gloomy backdrop for the crypto market.
Resilience across the US BTC-spot ETF market was noteworthy in May. However, ETH-spot ETF market news also needs consideration.
Bitcoin Price Forecast
Every new Bitcoin analysis as it publishes, today's technical signal and key levels, live price — on one page.
See all Bitcoin forecastsSEC activity, market sentiment toward the Fed rate path, and BTC-spot ETF market-related chatter need consideration.
Conversely, a BTC fall through the 50-day EMA could give the bears a run at the $64,000 support level.
With a 53.55 14-Daily RSI reading, BTC could return to the all-time high of $73,808 before entering overbought territory.
Ethereum Analysis
ETH hovered well above the 50-day and 200-day EMAs, confirming the bullish price trends.
An ETH breakout from the $3,835 resistance level could give the bulls a run at the $4,000 handle. A return to the $4,000 handle would bring the March high of $4,091 into play.
US ETH-spot ETF-related news needs consideration.
Conversely, an ETH fall through the $3,700 handle could give the bears a run at the $3,480 support level.
The 14-period Daily RSI reading, 66.31, suggests an ETH return to $4,000 before entering overbought territory.
