US BTC-Spot ETFs Face Net Outflows as More Hawkish FOMC Projections Resonate
On Thursday (June 13), bitcoin (BTC) slid by 2.22%. Reversing a 1.37% gain from Wednesday (June 12), BTC ended the session at $66,787.
Investor angst over the FOMC Economic Projections impacted buyer demand for BTC. Despite softer inflationary pressures, inflation remains elevated, supporting a less dovish Fed rate path.
US producer prices for May were softer than expected on Thursday but failed to drive buyer demand for riskier assets. Producer prices fell by 0.2% in May after rising by 0.5% in April.
The Dow Jones Industrial Average extended its losses from Wednesday, falling by 0.17% to 38,647.
Buyer demand for US BTC-spot ETFs also waned on Thursday, increasing BTC selling pressure. According to Farside Investors,
- Fidelity Wise Origin Bitcoin Fund (FBTC) had net outflows of $106.4 million on Thursday (June 13).
- Grayscale Bitcoin Trust (GBTC) saw net outflows of $61.5 million.
- ARK 21Shares Bitcoin ETF (ARKB) reported net outflows of $52.7 million.
- Bitwise Bitcoin ETF (BITB), Invesco Galaxy Bitcoin ETF (BTCO), and VanEck Bitcoin Trust (HODL) also reported net outflows on Thursday (June 13).
- Excluding flow data for iShares Bitcoin Trust (IBIT) and Valkyrie Bitcoin Fund (BRRR), the US BTC-spot ETF market saw total net outflows of $244.4 million.
- On Wednesday (June 12), the US BTC-spot ETF market had total net inflows of $100.8 million.
Significantly, investors brushed aside news of MicroStrategy (MSTR) planning to acquire the $500 million equivalent of BTC. On Thursday, founder and CEO Michael Saylor announced a proposed private offering of $500 million of convertible senior notes.
Ethereum (ETH) tracked the broader crypto market into negative territory on Thursday, falling by 2.58% to $3,469. ETH trended lower despite SEC Chair Gary Gensler announcing the likely approval of ETH-spot ETFs in the summer. The SEC Chair gave testimony at the Senate Appropriations Subcommittee on Financial Services hearing.
A BTC break above the $69,000 resistance level would support a move toward the Friday (June 7) high of $71,992. A BTC return to $71,992 could give the bulls a run at the $73,808 all-time high.
SEC activity, US politics, and BTC-spot ETF flow data require investor attention.
Conversely, a BTC drop below $66,000 could signal a fall to the $64,000 support level.
With a 44.35 14-Daily RSI reading, BTC may fall below the $64,000 support level before entering oversold territory.
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ETH sat below the 50-day EMA while remaining above 200-day EMAs, sending bearish near-term but bullish longer-term price signals.
A break above the $3,835 resistance level and the 50-day EMA could give the bulls a run at the $3,600 handle. A return to the $3,600 handle could signal a rise toward the $3,835 resistance level.
US ETH-spot ETF-related news needs consideration.
Conversely, an ETH fall through the $3,400 handle could bring the $3,244 support level into play.
The 14-period Daily RSI reading, 43.15, suggests an ETH fall to the $3,244 support level before entering oversold territory.
