Advertisement
Advertisement

Bitcoin (BTC) News Today: BTC-Spot ETF Outflows Reflect the Post-Fed Mood

By:
Bob Mason
Updated: Jun 14, 2024, 03:33 GMT+00:00

Key Points:

  • Bitcoin (BTC) slid by 2.22% on Thursday (June 13), ending the session at $66,787.
  • Fed fear overshadowed weaker-than-expected US economic data and an upswing in bets on a September Fed rate cut.
  • US BTC-spot ETF market flow data and SEC vs. crypto case-related chatter require investor attention.
Bitcoin (BTC) News Today

In this article:

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.

Technical Analysis

Bitcoin Analysis

BTC sat below the 50-day EMA while holding above the 200-day EMA, sending bearish near-term but bullish longer-term price signals.

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.

BTC Daily Chart sends bearish near-term price signals.
BTCUSD Daily Chart 140624

Ethereum Analysis

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.

ETH Daily Chart sends bearish near-term price signals.
ETHUSD Daily Chart 140624

 

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.

Did you find this article useful?

Advertisement