Bitcoin (BTC) News Today: Investor Demand Soars Amid ETF Boom

Bob Mason
Published: Mar 14, 2024, 04:40 GMT+00:00

Key Points:

  • BTC gained 2.32% on Wednesday (Mar 13), closing the session at $73,154.
  • Investors continued reacting to BTC-spot ETF net inflows, with MicroStrategy news sending BTC to an all-time high.
  • BTC-spot ETF market news and US economic indicators need investor consideration on Thursday.
Bitcoin (BTC) News Today

In this article:

BTC-Spot ETF Market Inflows Hit a New Record

On Wednesday (Mar 13),  BTC extended its winning streak to eight sessions, gaining 2.32% to end the session at $73,154. Significantly, BTC climbed to a new all-time high of $73,571.

BTC-spot ETF market inflows for Tuesday (Mar 12) fueled another breakout session. iShares Bitcoin Trust (IBIT) saw net inflows surge from $562.9 million (Mar 11) to $849.0 million (Mar 12), the highest net inflows since launching on January 11. ARK 21Shares Bitcoin ETF (ARKB) saw net inflows of $93.0 (Mar 12), with VanEck Bitcoin Trust (HODL) seeing net inflows of $82.9 million.

Fidelity Wise Origin Bitcoin Fund (FBTC) ranked fourth by net inflows for the first time since launch. Net inflows fell from $215.5 million (Mar 11) to $51.6 million (Mar 12), according to BitMEX Research.

Significantly, the Nine saw net inflows break the $1,000 million barrier for the first time since launch. Grayscale Bitcoin Trust (GBTC) saw net outflows tumble to $79.0 million, resulting in BTC-spot ETF net inflows of $1,045 million.

The BTC-spot ETF market stats were significant. Investors continued to enter the BTC-spot ETF market despite BTC sitting at record highs. Demand continues to signal a move toward $100,000 as the Bitcoin Halving event approaches.

MicroStrategy Targets More BTC with New Private Offering

MicroStrategy (MSTR) announced another public offering to acquire more BTC in the pre-Butcoin Halving frenzy. On Wednesday, MicroStrategy founder and Chairman Michael Saylor shared a press release, saying,

“MicroStrategy Announces Proposed Private Offering of $500 Million of Convertible Senior Notes”

The private offering is the second in two weeks. On Monday (Mar 11), Saylor announced the purchase of 12,000 BTC, using proceeds from convertible notes and excess cash. MicroStrategy may use proceeds from the latest funding round to acquire more BTC.

Assessing the BTC-spot ETF market and unprecedented demand, Bloomberg Intelligence Senior ETF Analyst Eric Balchunas said,

“I get asked a lot on intvs whether all Ten BTC ETFs will survive, and the answer is 100% yes, they will all be here in a year. Even the least in aum, BTCW, has a healthy $74m. Out of the 108 ETFs launched in 2024 so far, it ranks 16th. (top 15%). That’s how insane all this is.”

Technical Analysis

Bitcoin Analysis

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

A BTC break above the all-time high of $73,571 (Mar 13) would give the bull a run at the $75,000 handle.

BTC-spot ETF market flows remain the focal point.

However, a drop below the $72,000 handle would bring the $69,000 support level into play.

The 14-Daily RSI reading, 80.64, shows BTC sitting in overbought territory. Selling pressure may intensify at the Mar 13 all-time high of $73,571.

BTC Daily Chart sends bullish price signals.
BTCUSD 140324 Daily Chart

Ethereum Analysis

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

An ETH breakout from the Mar 12 high of $4,091 would bring the $4,200 handle into play.

ETH-spot ETF-related chatter needs consideration.

However, an ETH drop below the $3,835 support level could signal a drop to the $3,600 handle.

The 14-period Daily RSI, at 78.05, shows ETH in overbought territory. Selling pressure may intensify at the Mar 12 high of $4,091.

ETH Daily Chart sends bullish price signals.
ETHUSD 140324 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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