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Bitcoin (BTC) News Today: Miner Sale Trends and Spot ETF Outflows

By:
Bob Mason
Updated: Jun 15, 2024, 04:15 GMT+00:00

Key Points:

  • Bitcoin (BTC) fell by 1.01% on Friday (June 14), ending the session at $66,109.
  • US BTC-spot ETF market flow trends continued to impact buyer demand for BTC, which diverged from the Nasdaq Composite Index.
  • On Saturday (June 15), US BTC-spot ETF market flow data for Friday and sentiment toward the Fed rate path will likely influence weekend price trends.
Bitcoin (BTC) News Today

In this article:

BTC Drops Below $66,000 on Bitcoin Miner Sales and ETF Outflows

On Friday (June 14), bitcoin (BTC) declined by 1.01%. Following a 2.22% slide from Thursday (June 13), BTC ended the session at $66,109.

Bitcoin miners offloaded BTC this week in response to falling mining revenue. According to CryptoQuant, Bitcoin miners sold 1,200 BTC via OTC desks on June 10 alone, the most marked selling volume in two months. The spike in selling coincided with the BTC price retreat from $70,000.

Bitcoin Miners sell
BTC Miners Selling Chart 150624

Moreover, CryptoQuant graded the Miner’s Position Index (MPI) as moderately selling.

Over the last 24 hours, long position liquidations totaled 27,508,946 versus short position liquidations totaling 8,915,579.

US BTC-Spot ETF Market Eyes Another Session of Net Outflows

Furthermore, US BTC-spot ETF market outflows signaled a weaker demand environment, contributing to the losses.

The US BTC-spot ETF market saw total net outflows of $226.2 million on Thursday (June 13). On Friday, US BTC-spot ETF market outflows continued to impact buyer demand for BTC.

According to Farside Investors,

  • Fidelity Wise Origin Bitcoin Fund (FBTC) saw net outflows of $80.1 million after outflows of $106.4 million on Thursday.
  • Grayscale Bitcoin Trust (GBTC) had net outflows of $52.3 million, down from $61.5 million on Thursday.
  • ARK 21Shares Bitcoin ETF (ARKB) saw net outflows of $49.0 million (Previous Day: -$52.7 million).
  • Bitwise Bitcoin ETF (BITB) reported net outflows of $7.1 million vs. outflows of $9.8 million on Thursday.
  • On Friday, the US BTC-spot ETF market saw total net outflows of $189.9 million.

The US BTC-spot ETF market remained sensitive to the Fed interest rate trajectory. More hawkish FOMC economic projections added to the gloomy investor mood mid-week. BTC trended lower despite softer-than-expected US inflation numbers raising bets on a September Fed rate cut.

On Friday, the Michigan Inflation Expectations Index impacted buyer demand for BTC after holding steady at 3.3% in June. Sticky inflation numbers from the US could materially influence the Fed rate path.

According to the CME FedWatch Tool, the chances of the Fed standing pat in September fell from 49.5% to 32.3% in the week ending June 14. A higher Federal Funds Rate projection for 2024 remained a BTC headwind.

Technical Analysis

Bitcoin Analysis

BTC was below the 50-day EMA while remaining above the 200-day EMA, affirming bearish near-term but bullish longer-term price signals.

A BTC breakout from the 50-day EMA would support a move to the $69,000 resistance level. A break above the $69,000 resistance level could signal a move toward the $73,808 all-time high.

US politics, SEC activity, and sentiment toward the Fed rate path require consideration.

Conversely, a BTC break below $65,000 could give the bears a run at the $64,000 support level.

With a 42.97 14-Daily RSI reading, BTC could break below the $64,000 support level before entering oversold territory.

BTC Daily Chart sends bearish near-term price signals.
BTCUSD Daily Chart 150624

Ethereum Analysis

ETH hovered below the 50-day EMA while holding above 200-day EMAs, affirming the bearish near-term but bullish longer-term price signals.

A breakout from the 50-day EMA could signal a move to the $3,600 handle. A break above the $3,600 handle could bring the $3,835 resistance level into play.

US ETH-spot ETF-related updates also need consideration.

Conversely, an ETH drop below the $3,480 support level could give the bears a run at the $3,244 support level.

The 14-period Daily RSI reading, 43.55, indicates an ETH drop to the $3,244 support level before entering oversold territory.

ETH Daily Chart sends bearish near-term price signals.
ETHUSD Daily Chart 150624

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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