US BTC-Spot ETF Market Faces Outflows for the First Time Since May 10
On Monday (June 10), bitcoin (BTC) declined by 0.16%. Partially reversing a 0.43% gain from Sunday (June 9), BTC ended the session at $69,570.
Fed Fear impacted buyer demand for BTC and the broader crypto market. Investors awaited the US CPI Report, FOMC interest rate decision, economic projections, and the press conference.
The recent US Jobs Report dampened investor bets on a September Fed rate hike. On Monday, investor sentiment toward the Fed rate path continued to shift. According to the CME FedWatch Tool, the probability of the Fed standing pat in September increased from 49.5% to 51.0%.
Moreover, investor uncertainty about the Fed rate path influenced buyer demand for US BTC-spot ETFs.
According to Farside Investors,
- Grayscale Bitcoin Trust (GBTC) saw net outflows of $39.5 million on Monday.
- Invesco Galaxy Bitcoin ETF (BTCO) had net outflows of $20.5 million. BTCO last reported net outflows on May 1.
- Fidelity Wise Origin Bitcoin Fund (FBTC) saw net outflows of $3.0 million. FBTC also last saw net outflows on May 1.
- Excluding flow data for iShares Bitcoin Trust (IBIT) and Valkyrie Bitcoin Fund (BRRR), the US BTC-spot ETF market reported total net outflows of $55.4 million.
The US BTC-spot ETF market could end a 19-day inflow streak if IBIT and BRRR fail to report total net inflows of over $55.4 million.
On Monday, ethereum (ETH) also trended lower, falling 1.07% to $3,666. US ETH-spot ETF market-related activity failed to fuel hopes for a US ETH-spot ETF market.
ProShares Joins the Race to Launch a US ETH-Spot ETF
Bloomberg Intelligence ETF Analyst James Seyffart provided the latest news, saying,
“SEC just added the ProShares’ Ethereum ETF Filing to its website. (That is extremely quick) Instinct initially says this wont launch on day 1 with the other ETFs whenever that is but who knows. This is interesting.”
Significantly, ProShares passed on BTC-spot ETFs but deemed an application for an ETH-spot ETF appropriate. With issuers awaiting the approval of the S-1 forms, ProShares could launch at the same time as the early applicants if the SEC approves its 19b-4 in time.
More marquee players at the starting line could draw more investor interest into the US ETH-spot ETF market. According to the ETF Database, Proshares Advisors LLC ranked sixth on the ETF Issuer Revenue League Table. BlackRock (BLK), State Street (STT), and Invesco (IVZ) held the top three spots, with Vanguard fourth.
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Conversely, a BTC break below the $69,000 support level could give the bears a run at the 50-day EMA.
With a 55.77 14-Daily RSI reading, BTC could return the all-time high of $73,808 before entering overbought territory.
Ethereum Analysis
ETH held above the 50-day and 200-day EMAs, sending bullish price signals.
A break above $3,750 could give the bulls a run at the $3,835 resistance level. An ETH move through the $3,835 resistance level could bring the $4,000 handle into play.
Investors should consider US ETH-spot ETF-related updates.
Conversely, an ETH fall through the $3,600 handle could give the bears a run at the 50-day EMA and the $3,480 support level.
The 14-period Daily RSI reading, 52.52, indicates an ETH return to $4,000 before entering overbought territory.
