BTC-Spot ETF Market Sees Net Inflow Streak Extend to Three Sessions
On Thursday (March 28), BTC gained 1.81%. Reversing a 0.76% loss from Wednesday, BTC ended the session at $70,791.
BTC-spot ETF market flow data for Wednesday delivered a mixed start to the Thursday session. Total net inflows fell from $418.0 million (March 26) to $243.0 million (March 27), according to BitMEX Research. Notable flows included,
- iShares Bitcoin Trust saw net inflows of $323.8 million (March 27), up from $162.2 million (March 26).
- ARK 21Shares Bitcoin ETF (ARKB) saw record net inflows of $200.7 million on March 27. Previously, ARKB broke through the $100 million barrier on five occasions since launching on January 11.
- Fidelity Wise Origin Bitcoin Fund (FBTC) saw record low net inflows of $1.5 million.
- Grayscale Bitcoin Trust (GBTC) saw net outflows of $299.8 million.
Early preliminary BTC-spot ETF market flow data for March 28 suggests a fourth consecutive session of total net inflows. According to Farside Investors,
- GBTC net outflows fell from $299.8 million to $104.9 million, the lowest since March 12.
- ARKB saw net inflows fall from $200.7 million to $27.6 million.
- Bitwise Bitcoin ETF (BITB) saw net inflows of $67.0 million, the highest since March 4.
Early data suggests total net outflows of $10.3 million, with data pending for seven BTC-spot ETFs, including IBIT and FBTC.
While investors remained focused on the BTC-spot ETF market, ETH-spot ETF-related chatter continued drawing investor interest.
ETH-Spot ETF Market: Security? No Problem
On Thursday, Fox Business journalist Eleanor Terret shared a transcript from a Gasparino and Larry Fink interview. BlackRock (BLK) CEO Fink did not think the classification of ETH as a security would prevent an ETH-spot ETF market, saying,
“I don’t think – look and I really can’t talk about this – but I don’t think that designation is going to be that deleterious.”
Despite Fink’s optimism, Bloomberg Intelligence Senior ETF Analyst Eric Balchunas remained resolute in his ETH-spot ETF market prediction, saying,
“Getting tagged in tweets about this filing, the Eth corr study, and other eth etf hopium. I respect it all but our odds for Eth ETF approval in May remain a pessimistic 25% (I’d go lower if I could tbh). There’s 7 wks till deadline and radio silence from SEC = bleak. (Again, personally I want them to approve but I also want to get call right so we will be a perfect 4 for 4 in crypto ETF predictions).”
Balchunas responded to news of Bitwise filing an S-1 for the Bitwise Ethereum ETF. While the odds remain at 25%, S-1 filings are becoming more frequent, which could suggest some initial dialogue with the SEC.
ETH gained 1.73% on Thursday, partially reversing a 2.44% decline from Wednesday. ETH closed the session at $3,560.30. The reduced chances of the SEC approving the first batch of ETH-spot ETFs in May continued to leave ETH at sub-$4,000. ETH gave up the $4,000 handle on March 14.
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Bitcoin Analysis
BTC remained comfortably above the 50-day and 200-day EMAs, confirming bullish price trends.
A return to the $72,000 handle would support a move to the March 14 ATH of $73,808. A breakout from the ATH would give the bulls a run at the $75,000 handle.
On Friday, BTC-spot ETF market-related chatter, SEC-related activity, and the US economy calendar need consideration.
Conversely, a drop below the $69,000 support level could signal a fall to the $64,000 support level.
With a 14-Daily RSI reading of 59.98, BTC may return to its ATH of $73,808 before entering overbought territory.
Ethereum Analysis
ETH remained above the 50-day and 200-day EMAs, signaling bullish sentiment.
An ETH breakout from the $3,600 handle could give the bulls a run at the $3,835 resistance level.
Investors should consider ETH-spot ETF market-related chatter.
Conversely, an ETH break below the $3,480 support level could give the bears a run at the 50-day EMA. A drop below the 50-day EMA could support a fall toward the $3,244 support level.
The 14-period Daily RSI reading of 52.34 indicates a potential ETH break above the $3,835 resistance level before entering overbought territory.
