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Bitcoin (BTC) News Today: ETF Inflow Streaks Restore Investor Confidence

By:
Bob Mason
Published: Mar 26, 2024, 03:47 GMT+00:00

Key Points:

  • Bitcoin (BTC) advanced by 3.77% on Monday (March 25), closing the session at $69,759.
  • BTC-spot ETF market flow data for March 25 signaled a possible decline in supply before the Bitcoin Halving Event.
  • On Tuesday, BTC-spot ETF market-related chatter and SEC activity warrant investor attention.
Bitcoin (BTC) News Today

In this article:

BTC-Spot ETF Market Inflows Recover:

On Monday, BTC advanced by 3.77%. Following a 4.88% rally on Sunday, BTC closed the session at $69,759.

Provisional BTC-spot ETF market inflows for Monday (March 25) signaled a recovery after five consecutive days of net outflows in the week ending March 22.

According to Farside Advisors,

  • Fidelity Wise Origin Bitcoin Fund (FBTC) saw net inflows of $261.8 million on Monday (March 25), up from $18.1 million on March 22 and $2.9 million on March 21.
  • Importantly, the smaller BTC-spot ETFs also saw higher-than-usual net inflows.
    • Franklin Bitcoin ETF (EZVC) saw net inflows of $20.5 million (2d highest since launch).
    • Invesco Galaxy Bitcoin ETF (BTCO)saw net inflows of $18.5 million, the highest since January 24.
  • Grayscale Bitcoin Trust (GBTC) saw net outflows of $350 million on March 25, up from $169.9 million on March 22.

A rebound in iShares Bitcoin Trust (IBIT) inflows could ease fears of demand for BTC-spot ETFs drying up. Bloomberg Intelligence Senior Intelligence Analyst Eric Balchunas shared an interesting graphic on the top ETFs by active inflow streaks.

IBIT and FBTC had the longest active daily inflow streaks, extending to 50 days on March 22. Vanguard Intermediate-Term Treasury ETF (VGIT) ranked third, with an inflow streak of 44 days, followed by Putnam Focused Large Cap Value ETF (PVAL), with an 8-day streak.

IBIT and FBTC lead active ETF inflow streaks.
Active ETF Daily Winning Streaks

Winning streaks can restore investor confidence. However, investors must consider supply and demand dynamics with the Bitcoin Halving Event less than 28 days away.

Ethereum (ETH) also made gains on Monday despite the negative outlook toward an ETH-spot ETF market. ETH gained 3.96%, closing the session at $3,591.

Balchunas responded to a post on X (formerly Twitter) about the likely approval of ETH-spot ETFs, saying,

“Re Eth ETF approval, we are holding the line at 25% odds altho tbh it is a very pessimistic 25%. The lack of engagement seems to be purposeful vs procrastination. No positive signs/intel anywhere you look. Personally hope they do approve it but it just ain’t looking good.”

The first approval window for ETH-spot ETFs is in May.

Technical Analysis

Bitcoin Analysis

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

A BTC breakout from the Tuesday (March 26) morning high of $70,228 could give the bulls a run at the March 14 ATH of $73,808. A return to the ATH would bring the $75,000 handle into play.

On Tuesday, SEC-related chatter and BTC-spot ETF market flow data need investor attention.

Conversely, a break below the $69,000 support level could signal a drop to the $64,000 support level.

The 14-Daily RSI reading, 59.46, suggests a BTC move to the ATH $73,808 before entering overbought territory.

BTC Daily Chart sends bullish price signals.
BTCUSD 260324 Daily Chart

Ethereum Analysis

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

An ETH return to the $3,650 handle would give the bulls a run at the $3,835 resistance level.

ETH-spot ETF-related news about the May approval window needs investor consideration.

Conversely, an ETH drop below the $3,480 support could signal a fall to the 50-day EMA and the $3,244 support level.

The 14-period Daily RSI at 54.11 suggests an ETH move to the $3,835 resistance level before entering overbought territory.

ETH Daily Chart sends bullish price signals.
ETHUSD 260324 Daily Chart

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.

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