Bitcoin (BTC) News Today: No BTC-Spot ETF Market Dry Up Amidst ETH-Spot ETF Chatter

Bob Mason
Updated: Mar 29, 2024, 00:42 GMT+00:00

Key Points:

  • Bitcoin (BTC) gained 1.81% on Thursday (March 28), closing the session at $70,791.
  • BTC-spot ETF market flow data for March 27 and preliminary numbers for March 28 influenced buyer demand for BTC.
  • On Friday, SEC activity, US inflation numbers, and Fed Chair Powell warrant investor attention.
Bitcoin (BTC) News Today

In this article:

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.

Technical Analysis

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.

BTC Daily Chart sends bullish price signals.
BTCUSD 290324 Daily Chart

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.

ETH Daily Chart sends bullish price signals.
ETHUSD 290324 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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