Bitcoin (BTC) News Today: BTC-Spot ETF Market Facing Fourth Day of Net Outflows

BTC-Spot ETF Market Sees Net Outflows for Three Consecutive Sessions

On Thursday (Mar 21), BTC declined by 3.59%. Partially reversing a 9.68% rally from Wednesday, BTC ended the session at $65.554.

The crypto market reacted to BTC-spot ETF market flow data for Wednesday, Mar 20. According to BitMEX Research, the BTC-spot ETF market saw total net outflows of $261.6 million. Significantly, the BTC-spot ETF market saw net outflows for the third consecutive session, the longest streak since Jan 25.

Grayscale Bitcoin Trust (GBTC) saw net outflows of $386.6 million on Mar 20, down from $443.5 million (Mar 19). However, iShares Bitcoin Trust (IBIT) saw net inflows fall to $49.3 million, the lowest since Feb 6. Fidelity Wise Origin Bitcoin Fund (FBTC) saw net inflows of $12.9 million. Significantly, IBIT held the number one spot by inflows, while FBTC ranked fifth.

The third successive day of net outflows came despite the market-friendly FOMC Economic Projections. US economic data from Thursday failed to restore market confidence despite rising hopes of a US soft landing.

Provisional BTC-spot ETF market flow data for Thursday, Mar 21, raised the threat of a fourth successive session of net outflows.

According to Farside Investors, GBTC saw net outflows of $358.8 million on Mar 21. FBTC saw net inflows of $2.9 million, the lowest since launching on Jan 11.

Bloomberg Intelligence Senior ETF Analyst reacted to the recent GBTC outflow trends, saying,

“What a pounding. Thought worst was over. Guess not. Who is leaving now that wasn’t motivated to leave past two months?”

In the near term, investors must continue considering the BTC-spot ETF market flow data. However, Fed chatter also needs consideration on Friday.

Fed Chair Powell and FOMC members Michael Barr, Michelle Bowman, and Philip Jefferson are on the economic calendar to speak on Friday.

Technical Analysis

Bitcoin Analysis

BTC remained above the 50-day and 200-day EMAs, sending bullish price signals.

A BTC return to the $69,000 resistance level would give the bulls a run at the ATH of $73,808. A break above the ATH could support a move to the $75,000 handle.

On Friday, BTC-spot ETF flow data for Mar 21 and Mar 22 need investor attention.

Conversely, a fall through the $64,000 support level could signal a BTC drop toward the $60,365 support level.

The 14-Daily RSI reading, 52.64, indicates a BTC move to the ATH $73,808 before entering overbought territory.

Ethereum Analysis

ETH held above the 50-day and 200-day EMAs, affirming the bullish price signals.

An ETH move through the $3,600 handle would give the bulls a run at the $3,835 resistance level. A break above the $3,835 resistance level could signal a bullish move toward the Mar 11 high of $4,065.

ETH-spot ETF-related updates warrant investor attention as doubts linger at SEC approvals in May.

Conversely, an ETH fall through the $3,480 support level could give the bears a run at the 50-day EMA and the $3,244 support level.

The 14-period Daily RSI at 49.76 suggests an ETH fall to the 50-day EMA before entering oversold territory.