US BTC-Spot ETF Market Avoids Outflows Despite Fed Policy Jitters
On Thursday (May 30), bitcoin (BTC) gained 1.09%. Reversing a 1.00% loss from Wednesday (May 29), BTC ended the session at $68,383.
US BTC-spot ETF market flow data for Wednesday (May 29) provided early BTC price support. The BTC-spot ETF market saw total net inflows of $28.3 million, down from $45.0 million on Tuesday (May 28).
While total net inflows trended downwards, the US BTC-spot ETF market avoided net outflows for the twelfth consecutive session.
US economic indicators sent BTC to a session high of $69,485 before a retreat to sub-$68,500. US jobless claims increased from 216k to 218k in the week ending May 25. The US economy expanded by 1.3% in Q1 2024, unchanged from the first estimate report of 1.3%. However, growth slowed from Q4 2023.
Investor uncertainty about the Fed interest rate path lingered ahead of the US Personal Income and Outlays report. Nevertheless, the US BTC-spot ETF market continued to attract investors. Despite shifting bets on a September Fed rate hike, the CME FedWatch Tool, the chances of a Fed rate cut increased from 47.0% to 50.6% on Thursday.
According to Farside Investors,
- Grayscale Bitcoin Trust (GBTC) saw zero net flows on Thursday.
- ARK 21Shares Bitcoin ETF (ARKB) reported net outflows of $99.9 million.
- Bitwise Bitcoin ETF (BITB) saw net inflows of $25.9 million.
- Fidelity Wise Origin Bitcoin Fund (FBTC) registered net inflows of $119.1 million.
- Excluding flow data for iShares Bitcoin Trust (IBIT) and Valkyrie Bitcoin Fund (BRRR, the US BTC-spot ETF market saw total net inflows of $47.2 million.
On Friday (May 31), the US economic calendar may influence buyer demand for US BTC-spot ETFs and BTC.
The US Personal Income and Outlays Report and the US BTC-Spot ETF Market
Hotter-than-expected US inflation numbers and upward personal income and spending trends could sink investor bets on a September Fed rate cut.
A more hawkish Fed rate path could impact buyer demand for riskier assets. However, US BTC-spot ETF market flow data may be pivotal to BTC price trends.
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 forecastsUS BTC-spot ETF market flow trends and the US Personal Income and Outlays Report 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 56.11 14-Daily RSI reading, BTC could return to the all-time high of $73,808 before entering overbought territory.
Ethereum Analysis
ETH hovered comfortably above the 50-day and 200-day EMAs, sending bullish price signals.
If ETH surpasses the $3,835 resistance level, it could reach the $4,000 mark. A break above the $4,000 handle could give the bulls a run at the March high of $4,091.
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, 63.79, suggests an ETH return to $4,000 before entering overbought territory.
